Paymob, a leading financial services enabler in the Middle East, North Africa and Pakistan (MENA-P) and IKEA Egypt, a member of the Al Futtaim group of companies, have partnered to offer customers a wider range of payment options. This partnership will provide innovative payment methods such as digital wallets, bank-offered easy payment plans (EPP) and consumer finance options, in addition to cards, to customers in Egypt.
Paymob’s secure and trusted infrastructure will power this expanded selection of more flexible payment methods to make IKEA’s products more accessible to a greater number of consumers across Egypt. Gillan Shaaban, Paymob’s CCO, said that as a trusted financial services partner, Paymob has an established track record of enabling large global brands and local-home-grown businesses with the most innovative payment solutions that fuel sales and drive conversions. Shaaban further added that Paymob is proud that IKEA chose them to power their new payment options in Egypt, positioning themselves as a retailer that truly understands and caters to their customers’ needs.
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According to the Central Bank of Egypt (CBE), consumer finance is one of the fastest-growing segments in the banking sector. Bank EPPs give consumers the convenience of paying for purchases over time with monthly instalments and serve to drive financial inclusion and support economic growth. With access to bank EPPs, IKEA’s customers in Egypt will gain greater flexibility and control over their spending, enabling them to manage their finances more effectively. This, in turn, will increase their overall satisfaction with the e-commerce experience and enhance their loyalty to IKEA.