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HyperPay, ZoodPay enter partnership to enable ‘Buy now pay later’ solutions

Feb 09,2022 - Last updated at Feb 09,2022

HyperPay, the leading payment gateway in the MENA region announces a strategic partnership with ZoodPay, the leading fintech Super App in the Middle East and Central Asia, to provide “Buy now pay later” options for all HyperPay’s online merchants in Jordan. 

ZoodPay is Jordan’s first and only BNPL solution and is currently available for customers shopping on its own marketplace, ZoodMall, or with its offline partners in malls across Jordan. The strategic partnership sees BNPL enabled for HyperPay’s network of more than 1000 online merchants who own websites and/or apps; and it will allow millions of Jordanians to enjoy buying products and services and pay in monthly installments, without any commission or fees. 

For merchants who are already using HyperPay’s payment gateway, ZoodPay became available as of February 1 and it does not require any additional technical integration, just a quick onboarding process with ZoodPay. For new merchants, HyperPay will offer a complete package that includes the payment gateway solution plus an add-on if they want to offer installment payments to their users. 

Customers who choose ZoodPay’s “Buy now pay later” payment option will have a seamless experience: When shopping on a merchant using HyperPay’s gateway payment they need to select ZoodPay as their payment method at checkout, provide the requested information and apply for instant approval. If approved, the customers will have access to flexible short-time financing and pay in monthly installments with their regular debit or credit cards. Only 25 per cent of the value will be debited at the time of purchase, while the remaining amount will be debited automatically from the customer’s bank card every 30 days for a period of three months, with no commission, nor additional charges.

ZoodPay recently completed a $38 million Series B fundraising, from leading global and existing investors, including Zain Group’s venture capital arm “Zain Ventures”. Previously the company committed to using a big part of this investment to accelerate its growth and expansion across Jordan, stimulating local and cross-border e-commerce transactions through its marketplace and “Buy Now Pay Later” solutions. ZoodPay is contributing to socio-economic development, creating jobs across its market footprint and beyond. 

Muhannad Ebwini, CEO of HyperPay said: "We are excited to roll out our partnership with ZoodPay, which will allow HyperPay merchants in Jordan to add ZoodPay payment option to their checkout, enabling customers to pay in easy installment plans without incurring interest charges.”

“ZoodPay’s Buy Now, Pay Later payment option is a powerful tool for our merchants to attract more customers, boost conversion rates, and thus grow their revenue,” added Ebwini 

Michael Khoi, the CEO of ZoodPay, said: "We are delighted to join forces with HyperPay to offer our BNPL solution to their merchants in Jordan. This flexible payment option will help merchants provide a better shopping experience to their customers. It will also help increase basket value and conversion rate, decrease returns and expand the customer base. BNPL will play a major role in shaping the future of digital payments and we are proud that HyperPay were the pioneers in joining us on this journey in Jordan.”

 

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