Cairo, 31 July, 2024: Paymob, the leading financial services enabler in MENAP announces today that it has expanded its longstanding partnership with Shopify, the leading commerce platform, by launching embedded card and wallet payments. Paymob is one of the first regional payment service provider (PSP) to offer embedded checkout experiences to merchants in MENA.
Embedded payments streamline the checkout process by keeping customers within the same user interface rather than navigating to external gateways. By reducing friction points, embedded payments have been shown to increase conversions by 40%. Additionally, embedded payments decrease cart abandonment and increase customer satisfaction.
Paymob has also introduced digital merchant onboarding to enable fast, seamless setup of e-commerce stores on Shopify. Unlike manual onboarding, digital onboarding significantly reduces the time it takes for a business to start accepting payments by streamlining data collection, verification, and compliance checks. Paymob merchants in MENA can now launch fully operational e-commerce stores within 48 hours of onboarding.
Omar El Gammal, EVP Global Business Development, Paymob commented: “With double digit e-commerce growth in the region led by the GCC countries where we operate, the market is projected to reach USD $57 billion by 2026. Our embedded payments offering and digital onboarding will fuel this market boom and enable more MENA merchants to grow their businesses in the digital economy. As the first regional PSP to offer these experiences, merchants know they can trust Paymob to offer localized, secure, cutting-edge solutions.”
Paymob is the leading omni-channel payments infrastructure provider in MENAP and offers its merchants the most comprehensive acceptance suite on the market, positioning it as a growth partner to SMEs. Paymob serves 250,000 merchants in Egypt, KSA, UAE, Oman, and Pakistan. Paymob is backed by regional and global investors including PayPal Ventures, Kora Capital, Clay Point Capital, Global Ventures, FMO, A15 and Nclude.
About Paymob
Paymob is the leading financial services enabler in the Middle East, North Africa and Pakistan (MENAP), delivering cutting-edge financial technologies to customers in the region. Its omnichannel gateway offers more than 40 payment solutions and empowers over 250,000 merchants with access to innovative financial services.
Founded in 2015, Paymob is the largest payments facilitator in MENAP and employs 1,400 team members across the markets it serves. The company launched operations in Pakistan in 2021 and in the UAE in 2022. Paymob received Saudi Payments PTSP certification in May 2023 enabling it to launch its operation in KSA. In December 2023 Paymob was a granted PSP license in Oman.
More information at www.paymob.com