Fintech firm vaIU is collaborating with Amazon Egypt to provide Buy Now Pay Later (BNPL) payment options to customers of the country.
BNPL payment options will provide customers with a range of instalment-based plans, which will be determined by the users credit limit, generated by vaIU. Customers will be able to make instalments from six to 60 months without the risk of down payments, with purchases of a minimum spend of EGP 500 (£21.79).
“As we continue to grow our businesses in different parts of the world, I am very excited to see Amazon Egypt contributing to the country’s digital economy through innovation to provide our customers with the best possible shopping experience, anchored in convenient payment methods,” stated Peter George, Managing Director of Amazon Payment Services.
“With the thriving fintech sector in Egypt, we will continue to come up with localised, simple, affordable, and trusted payment services, including Buy-Now, Pay-Later with valU, to ensure our customers enjoy shopping on Amazon.”
The BNPL sector has seen massive growth over the past several years, attracting major companies such as Apple and Revolut to launch their own BNPL offering.
However, the sector has also cooled its growth in 2022, as prominent BNPL firms Klarna, Affirm and Zip have declined sharply in valuation, with Klarna also laying off 10% of its workforce in May.
Despite trepidation from investors in the BNPL market, Amazon Egypt and vaIU hope to bring customers ‘the best of both worlds’, with a retail experience that offers a range of products with payment solutions that will aim to relieve financial burden.
Walid Hassouna, CEO of valU, added: “We are happy to expand our collaboration with Amazon to deliver on our mission to provide all customers with unrivalled access to products and services over convenient payment plans.
“valU allows customers the flexibility to make purchases without having to deplete their cash reserves, and makes it easier for them to accommodate unplanned but needed purchases into their budget.”