ZoodPay, a Fintech firm from the Middle East and Central Asia, has collaborated with Network International, a provider of digital commerce across the Middle East and Africa, to provide “Buy Now Pay Later” services to Network’s merchants.
ZoodPay is going to be the first and only BNLP provider in Jordan and is already available for consumers shopping from its own marketplace, ZoodMall, online partners’ websites and apps, or offline partners’ malls across Jordan. ZoodPay will be BNPL-enabled for thousands of Network’s merchant partners as part of the strategic partnership, allowing millions of Jordanians to buy items and services and pay in four (4) monthly instalments with no commissions or fees.
This partnership will provide substantial go-to-market benefits. Merchants who have been using Network’s POS terminals will receive an immediate service upgrade when the ZoodPay service becomes available in the second quarter of this year. There will be no additional technical integration required, only a brief ZoodPay onboarding process. A specially packaged offer combining Network’s POS payment solution and ZoodPay’s BNPL service will benefit new merchants. Co-marketing initiatives will be launched by the two firms to enhance awareness of ZoodPay BNPL’s features and encourage merchant adoption.
Consumers that use ZoodPay’s BNPL payment method will have a smooth transaction. They must first download the ZoodPay App, apply for a credit limit, and receive immediate approval. Consumer who are authorized will have access to flexible short-term financing and will be able to pay in monthly instalments using their usual debit or credit cards that are linked to their ZoodPay account. To complete the transaction, the merchant must select ZoodPay as the preferred payment method on the Network‘s POS terminal and create a QR code that must be scanned by the consumer using the ZoodPay in-app QR Scanner.
Amjad Al-Sadeq, Network International’s Regional Managing Director, Processing – Levant, stated, “In line with our commitment to offering the latest payment solutions to our clients and the Jordanian public, Network International is proud to be the first acquirer to adopt BNPL services domestically. For this purpose, we chose to collaborate with ZoodPay, as the exclusive provider of BNPL in the country.”
After this simple process is completed, the merchant will be paid in full by ZoodPay, while the customer will only be charged 25% of the total amount at the time of purchase, with the remaining amount deducted periodically from his card every 30 days for the next three (3) months, with no commission or additional charges.
Michael Khoi, Group CEO of OrientSwiss, the parent company of ZoodPay and ZoodMall, said, “We are delighted to collaborate with Network International, the market leaders in point of sale and e-commerce payment solutions in Jordan, and work together in order to enhance the country’s payment ecosystem by offering convenient, seamless, and secure digital payments to merchants and customers across online and offline platforms. Through this collaboration, we will achieve the fastest, biggest, and most cost-efficient deployment of ZoodPay BNPL in Jordan with access to thousands of Network International merchant partners”.