Payfort, a company specialised in electronic payment services in the Middle East, has started offering customers of the Commercial International Bank (CIB) a service by which they can pay for products purchased on e-commerce websites in instalments.
The instalment programme is one of the most successful means of enabling e-commerce websites to increase their sales, CEO of Payfort Omar Soudodi said.
The company’s annual report on electronic payments in Arab countries showed that approximately 35% of e-commerce companies agreed that activating this payment option is an important factor of their businesses’ success. According to the report, this service is expected to contribute to increasing sales by 7%.
This service by Payfort enables buyers to pay for their purchases over a period of up to 36 months. The instalments are paid via credit card, which gives e-commerce websites the chance to increase their sales. The company is now offering the instalments service through 15 banks in the Arab region, including Egypt, the Emirates, and Saudi Arabia.
Hundreds of e-commerce companies in Arab countries use Payfort to provide electronic payment services for their customers, such as Souq.com, Landmark, Air Arabia, Musafir, Bayt, DrBridge, and Buseet.