Payfort, a leading online payment service provider, has launched its installments service in the United Arab Emirates, Saudi Arabia and Egypt.

The new service that makes it easy for ecommerce merchants to offer pay-via-installment options to customers and gives consumers greater purchasing power.

“Many consumers show a preference for purchasing-via-installments, but methods of processing monthly installments in common usage in the region have proved cumbersome for consumers,” said Omar Soudodi, managing director of Payfort.

“Payfort installments makes it easy for ecommerce websites to offer purchasing-via-installment options, simplifying the payment transaction for consumers. This could be a game-changer for the Mena’s ecommerce market, empowering online consumers with greater purchasing power and so opening up a whole new segment of consumers for the ecommerce industry.”

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.

PayFort’s installments are now available through in the UAE, through Emirates NBD (ENBD), Mashreq Bank, Abu Dhabi Commercial Bank (ADCB). In Saudi Arabia, through the Saudi British Bank (SABB), National Commercial Bank (NCB) and Saudi Hollandi bank and in Egypt through Mashreq Bank and others.

Online consumers have proved to have an affinity for purchasing via installments around the globe, across a wide range of product and service sectors. Purchasing-via-installments provide consumers with greater purchasing power and financial flexibility. The region’s online pay-via-installments segment is currently growing significantly. Souq.com, the largest ecommerce platform in the Mena region, has made the installments payment option available to customers through its operations in the UAE and Saudi Arabia.

Current pay-via-installment offers in the region often require customers to participate in a complicated sign-up procedures and lengthy verification processes. These may require customers to telephone participating banks for credit approval, which can delay the customer’s purchase by 3-4 working days.

Payfort installments provide ecommerce merchants in the Mena region with a simple, secure and easy to implement service that allows them to offer their customers purchasing-via-installments.

The product replaces complex payment processes and transaction approval procedures with a simple, easy to navigate user experience that integrates ecommerce merchant, credit card and retail bank processes for faster transactions. – TradeArabia News Service