- Strategic Partnership: Paymob, a leading financial services enabler in MENA-P, announces a strategic partnership with Tamara, the premier shopping and payments platform in the GCC region, integrating Tamara’s BNPL service with Paymob’s secure gateway.
- Comprehensive Payments Ecosystem: Serving 250,000 merchants, Paymob’s omnichannel payments infrastructure collaborates with Tamara, boasting over nine million registered users and 30,000 partner merchants, creating a comprehensive payments ecosystem.
- Benefits for SMEs: The partnership addresses SME needs, crucial contributors to MENA’s GDP. With Tamara’s BNPL solution, merchants can expect a 40% increase in average order value, a 15% increase in online conversion rates, and a 50% increase in repeat purchases.
Paymob, a leading financial services enabler in the MENA-P region, has announced a strategic partnership with Tamara, the premier shopping and payments platform in the GCC region, according to a statement.
This collaboration integrates Tamara’s Buy Now Pay Later (BNPL) service with Paymob’s secure gateway, enabling customers to split payments seamlessly without hidden fees or interest.
Serving 250,000 merchants, Paymob’s omnichannel payments infrastructure joins forces with Tamara, boasting over nine million registered users and more than 30,000 partner merchants, to create a comprehensive payments ecosystem.
The agreement aims to fuel SME growth, particularly in KSA and the UAE initially, offering seamless transactions and fostering digital economic growth in the MENA region.
The partnership addresses the needs of small and medium-sized enterprises (SMEs), which contribute significantly to GDP in MENA.
Comprehensive payment offerings are crucial for businesses of any size, ensuring increased sales and conversions.
With Tamara’s BNPL solution, merchants can experience a 40% increase in average order value, a 15% increase in online conversion rates, and a 50% increase in repeat purchases.
The addition of Tamara’s BNPL solution to Paymob’s gateway occurs through a simple integration, reducing merchants’ barriers to entry and ensuring seamless and secure transactions.
The initial phase of the partnership will serve merchants in KSA and the UAE, with plans to expand to more countries in later stages.
Islam Shawky, Co-founder and CEO of Paymob stated, “Our partnership with Tamara delivers on Paymob’s mission to fuel SME growth in the digital economy. There is a massive opportunity to enable merchants in the GCC to capitalize on the power of alternative payment methods, and we are thrilled to partner with Tamara to fuel this growth in MENA.”
Turki Bin Zarah, Co-founder and CCO of Tamara, commented, “This partnership with Paymob provides seamless access to Tamara’s services to thousands of SMEs to enable their growth across the region.
As a leading commerce enabler, we are revolutionizing how people shop, pay, and bank and are thrilled to partner with Paymob as we deliver on this goal.”
Both Tamara and Paymob are experiencing rapid growth, driven by recent funding.
Riyadh-based Tamara secured a $150 million debt facility from Goldman Sachs earlier this year, the first deal of its kind in the region. The company is actively expanding its product lines and verticals. Paymob’s growth, fueled by its 2022 Series B funding led by PayPal Ventures, resulted in expansion to the UAE in 2022 and securing PTSP certification from Saudi Payments in Q2 2023, making it fully operational in KSA.
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