Egypt-based Buy Now, Pay Later (BNPL) platform valU has partnered fintech Sympl to enable its customers to pay with interest-free, three-month payment plans across retail partners and merchants.
As detailed in the announcement, valU customers will be able to leverage Sympl’s financial solution and benefit from its payment plans across different product and service categories.
The collaboration between the two companies is believed to also help complement valU’s platform by bringing back its three months tenure, the Sympl-powered ‘Hattrick’ product, and benefiting from Sympl’s short-term interest-free plan across a diverse partners’ network.
When commenting on the partnership, valU representatives advised that it is an example of how the company embodies and promotes cooperation within the fintech sector, with the collaboration aiming not only to improve the companies’ platforms, but also to exemplify to other market players how to work towards empowering consumers. The company aims to provide people of all income levels in Egypt with the tools and access to finance necessary for living better lives and driving sustainable change in the communities they work and live in. Furthermore, the Sympl collaboration is also believed to help drive the growth of the BNPL market in the region.
Targeting the banked segment in Egypt, which amounts for approximately 30 million people, Sympl enables users to make purchases and pay for them in due time, without prior registration. As detailed in the announcement, the fintech platform allows both credit and debit cardholders to pay for purchases via interest-free, short-term plans of three to five payments on either a weekly, bi-weekly, or monthly basis over a period of three months.
Sympl representatives stated that the partnership will not only unlock short-term, interest-free payment plans for valU’s customer base and merchant network but will also help them expand their businesses. Furthermore, they believe that the partnership helps underscore their commitment towards providing merchants with the tools needed for scalability, and customers with those needed to better save money by paying for purchases with their flexible, BNPL plans.
Recent Statista data shows that the total transaction value in the digital payments segment is projected to reach USD 14.15 billion in 2023. In turn, the total transaction value is expected to show an annual growth rate (CAGR 2023-2027) of 11.36% resulting in a projected total amount of USD 21.76 billion by 2027.
The market's largest segment is digital commerce with a projected total transaction value of USD 11.26 billion in 2023. Statista indicates that, from a global comparison perspective the highest cumulated transaction value is reached in China (USD 3,851.00 billion in 2023).
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