An online payment service provider in the Arab, PAYFORT has announced the launch of its installments service via Commercial International Bank (CIB).
The new service allows ecommerce merchants to offer CIB pay-via-installment options to customers and gives consumers greater purchasing power. PAYFORT launched its installments service for the United Arab Emirates, Saudi Arabia and Egypt last year and has now integrated installment services for 15 issuer banks in the region into its payment platform.
“Installment plans are a very successful tool for online businesses to increase their conversion rates. In fact, almost one third of the merchants surveyed for our annual State of Payments Report, considered pay-by-installment plans as important or very important for their businesses,” said Omar Soudodi, Managing Director of PAYFORT. “PayFort installment services makes it easy for ecommerce websites to offer purchasing-via-installment options, simplifying the payment transaction for consumers. By integrating CIB installment services into PayFort, we help provide flexible payment options for an estimated 350,000 CIB customers.”
PAYFORT’s installments product allows customers to use their credit cards to purchase products and services via ecommerce websites and make payments in monthly installments to their choice of retail bank. By providing a simple pay-via-installments option and an optimal user experience, installments help ecommerce merchants leverage the growth in the installment payments segment.
“CIB has proven to be the bank of choice in the Egyptian market, offering a diversified bouquet of premium products and services that satisfy customers’ needs and this explains why a great number of Egyptians choose to apply for CIB credit cards,” said Ahmed Al Salahy, Regional Manager – Egypt, N. Africa & Levant for PAYFORT. “This deal with CIB gives PayFort merchants better access to hundreds of thousands of CIB customers and helps increase the purchasing power of CIB account holders.”
“At CIB-Egypt, we strive to introduce and offer innovative banking experience to all our customers and help them better manage their expenses smartly. Our partnership with Souq.com, one of the leading online retailers in the region, will definitely support our strategy of enhancing the overall value proposition offered to our distinguished credit cardholders,” said Omnia Mostafa, Head of Cards Business, CIB. “CIB Installment Plan is a flexible payment solution, through which our clients can manage their repayments over different tenors of up to 36 months. We are very excited about this partnership, which will strengthen the footprints of CIB and Souq.com in the Egyptian Market, while delivering greater value to our customers.”