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Amazon-subsidiary PayFort has entered a new partnership with valU, the startup that won the prestigious title of MENA’s FinTech innovation of the year. The partnership will focus on the latter’s increasingly popular platform that offers attractive installment sales services. 

With this new development, valU finds itself in an ideal position wherein it can offer payment plans to several leading e-commerce stores in the region, each tied in strategic partnership with PayFort. 

It’s a win-win situation for shoppers too, as they now have an additional checkout method for their purchases. PayFort’s smooth integration with a large number of merchant sites will now allow valU customers to checkout with just a couple of clicks. 

For those of you not familiar with valU, the company offers a “buy now, pay monthly” service to shoppers across Egypt. Customers can pay for their purchases in installments over a period of 3 to 60 months. 

For some perspective, the “buy now, pay monthly” model has helped many regional merchants to enhance their payment success rate by up to 12%. The overall sales figures have also increased by around 8-10% in the presence of that monthly-installment option. Subsequently, the number of abandoned carts has also come down by about 10%. 

Commenting on the direction of the new partnership with valU, Omar Soudodi, Managing Director of PayFort, said: “In its first phase, all PayFort merchants in Egypt will be able to offer the new payment option to the registered customers of valU, wherein the line of credit has already been granted. However, there are also plans to expand the service to offer new payment options to more Egyptian consumers in the near future.”