Standard Chartered and Amazon in The UAE Introduce Seamless Instalment Payment Plans by Richie Santosdiaz for The FinTech Times
Fintech Middle East & Africa Paytech

Standard Chartered and Amazon in The UAE Introduce Seamless Instalment Payment Plans

Standard Chartered Bank and Amazon’s United Arab Emirates (UAE) website, Amazon.ae, announced the launch of new instalments payment plans. It will allows Standard Chartered credit cardholders shopping on Amazon.ae to seamlessly convert their purchases into monthly instalments for a period up to 12 months.

Amazon company Payfort is enabling the service through using its online payment gateway. The new service allows customers to convert their purchases into installment plans online without calling the bank or filling in any forms.

Payfort is an Amazon Company
Payfort is an Amazon Company. It was established in 2013 to solve payment challenges in the Arab World.

PayFort was established in 2013 to solve payment challenges in the Arab World. They offer technology and solutions across major markets in the Gulf Cooperation Council (GCC) and Levant countries, operating in the UAE, Egypt, Saudi Arabia, Lebanon, and Jordan. They have been helping merchants in different countries around the region in establishing relationships with their acquiring partners, designing payment experiences to increase conversions on various payment channels and to minimise the risk associated with online businesses. In addition to credit card acceptance, PayFort offers many value-added services such as Local payment methods, Tokenisation, Fraud Management, Invoicing, Reports & Analytics, Real-Time Monitoring, and Installments.

Omar Soudodi, Managing Director of Payfort, an Amazon company, said, “We are extremely excited to be working with the Standard Chartered Bank to introduce his new service for their credit card customers in the UAE, allowing them to make purchases and choose to pay via monthly installments directly on Amazon.ae. We have seamlessly integrated this new payment option into the Amazon.ae checkout journey so that customers can avail of the new pay by installments option without needing to leave the Amazon.ae store. Trust and convenience are key when it comes to payment methods, and we will continue innovating on behalf of our customers in this space.”

Purchasing via instalments is becoming increasingly popular across the region offering clients greater flexibility and convenience. Sethu Ramaswamy, Regional Head of Products and Segments for Africa and Middle East at Standard Chartered Bank said, “We are extremely pleased to have partnered with Amazon through their payment company Payfort in making this possible for our clients  At Standard Chartered, we  strive to offer innovative and convenient banking experiences to our customers. Instalment plans give consumers greater purchasing power by allowing them to better manage their cash flows. We are proud to be among the first international banks in the UAE to launch this powerful feature on Amazon.ae.”

Payfort has made headlines this year, such as earlier this year announcing a new partnership with  valU for installment sales services, to offer payment plans to a wide group of renowned ecommerce stores who have fueled their growth through partnering with Payfort. It allows valU customers in Egypt to access 3-60 months installment options for online purchases. Payfort’s seamless integration with merchant sites allows customers to checkout with ease. Back in June Payfort announced the launch of the #StartUpStayUp initiative which aims at supporting start-ups and small-to-medium sized businesses (SMB) across the UAE, Egypt and Saudi Arabia.

The fintech company has invited over 100 of its startup and SMB merchant partners to benefit from the initiative which aims to support them in increasing traffic to their online sites and boosting their revenues. Payfort would fund a three-month digital marketing campaign worth one million dirhams across multiple media channels, including organic, paid and influencer social campaigns, video content production, email marketing campaigns, and internal marketing promotions. The #StartUpStayUp initiative would provide all participating merchant partners increased brand exposure through being featured on Payfort’s digital channels.

Author

Related posts

“Old Millennials” invest in long-term loans most often

Manisha Patel

Financial Services and the Global Pandemic: An Opportunity for Change?

Gina Clarke

This Week’s Market Commentary from David Jones, Chief Market Strategist at Capital.com

Mark Walker