Paymob Teams Up with Tamara to Streamline Split Payments for SME Customers in the Middle East

Paymob Teams Up with Tamara to Streamline Split Payments for SME Customers in the Middle East

By Staff Writer, 10 January 2024

Set to redefine payment options for small and medium-sized enterprises (SMEs) in the Middle East, Saudi-based firm Tamara has entered into a strategic partnership with Paymob.

This collaboration aims to simplify split payments for customers across the region by merging Tamara's buy now, pay later (BNPL) service with Paymob's secure payment gateway.

Read More: Paymob Becomes Fully Operational in Saudi Arabia with PTSP Certification

The alliance will allow customers to divide their payments into four installments, devoid of any hidden charges or interest fees.

Currently, Paymob's robust infrastructure supports approximately 250,000 merchants throughout the Middle East.

In contrast, Tamara boasts a user base exceeding 9 million registered users and partnerships with over 30,000 merchants.

Read More: Tamara Secures $340 Million in Series C Funding, Emerges as Saudi Arabia's First Fintech Unicorn

The integration between Tamara's BNPL solution and Paymob's payment gateway is anticipated to be seamless, facilitating easier access for merchants and ensuring secure transaction processing.

Initially, the collaboration will cater to merchants operating in Saudi Arabia and the United Arab Emirates (UAE), with future plans to expand its reach to other countries in subsequent phases.

Islam Shawky, the co-founder and CEO of Paymob, underscored the partnership's alignment with the company's overarching mission to foster SME growth within the digital economy landscape.

He emphasized the significant potential for Gulf Cooperation Council (GCC) merchants to capitalize on alternative payment modalities.

Echoing similar sentiments, Turki Bin Zarah, co-founder and chief commercial officer of Tamara, highlighted the transformative impact of the partnership with Paymob.

He expressed confidence that the collaboration would grant thousands of SMEs effortless access to Tamara's innovative services, paving the way for their expansion across the region.

Bin Zarah described the joint initiative as a groundbreaking advancement in redefining consumer shopping, payment, and banking experiences in the Middle East.

Source: Arab News

Related Report

Dubai’s roadmap to becoming the digital economy capital of the world

Dubai’s Roadmap to Becoming the Digital Economy Capital of the World

An overview on how the government of Dubai is taking aim at becoming a leader in everything from blockchain to artificial intelligence, cryptocurrency, digital assets and the metaverse. Here’s how Dubai plans on growing a digital economy worth over us $140 billion by 2031, and attracting more coders per capita than any other city on earth.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems