Paymob and Tamara Join Forces to Create a Seamless Payment Ecosystem for Merchants
Paymob, a leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), has announced a strategic partnership with Tamara, a prominent shopping and payments platform in the GCC region, as highlighted in The Fintech Times. This collaboration aims to revolutionize the payment landscape by integrating Tamara’s Buy Now Pay Later (BNPL) service with Paymob’s secure gateway, offering customers the flexibility to split payments into four installments without hidden fees or interest charges.
Paymob’s omnichannel payments infrastructure currently serves an impressive 250,000 merchants in the MENAP region. In contrast, Tamara boasts over nine million registered users and more than 30,000 partner merchants. This partnership creates an extensive payments ecosystem that empowers merchants to provide comprehensive solutions and seamless customer experiences.
While both companies have existing partnerships with major brands in the region, this agreement has a special focus on supporting the growth of small and medium-sized enterprises (SMEs), which significantly contribute to the GDP in MENA. Comprehensive payment offerings, regardless of a business’s size, are expected to result in increased sales and conversions.
Merchants using Tamara’s BNPL solution could witness a significant boost, with a potential 40% increase in average order value, a 15% increase in online conversion rates, and a 50% increase in repeat purchases.
The integration of Tamara’s BNPL solution into Paymob’s gateway is straightforward, reducing barriers for merchants and ensuring secure and seamless transactions. Initially, this partnership will serve merchants in Saudi Arabia (KSA) and the United Arab Emirates (UAE) in its first phase, with plans to expand to more countries in later stages.
Islam Shawky, co-founder and CEO of Paymob, expressed his excitement about the partnership, stating, «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, added, «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 currently experiencing rapid growth, driven by recent funding. Tamara secured a $150 million debt facility from Goldman Sachs, a groundbreaking deal in the region, while Paymob’s growth is supported by its 2022 Series B funding led by PayPal Ventures. This expansion has allowed Paymob to establish a presence in the UAE and secure PTSP certification from Saudi Payments, making it fully operational in KSA as well.