The collaboration aims to modernise pharmaceutical transactions by providing convenient, safe online card payments and in-person point of sale (POS) payments during delivery. Chefaa users will have the option to utilise various Buy Now, Pay Later (BNPL) payment methods facilitated by Paymob's platform, thereby reducing the financial strain of upfront payment for healthcare products and medications.
By driving the adoption of digital payments in the health sector and fuelling online orders, the Paymob – Chefaa partnership will enable smaller pharmacies to reach a broader customer base and increase sales. The partnership also streamlines prescriptions for chronic patients who require recurring refills.
The Egyptian pharmaceutical market demonstrated robust growth in 2022, and was valued at USD 3 billion. With a projected compound annual growth rate (CAGR) of over 7% during 2022 – 2027, the market is poised to continue its upward trajectory, as per the press release. This positive trend reflects the country's increasing demand for pharmaceutical products as the population's health care needs grow. The steady expansion of the Egyptian pharmaceutical market presents promising opportunities for pharmaceutical companies operating in the region.
The partnership between Paymob and Chefaa will drive adoption of digital payments in the healthcare sector, benefiting both customers and pharmacies. By embracing Paymob's technology, Chefaa enables customers to easily settle their payments online, eliminating the need for traditional payment methods. This not only enhances the convenience for customers but also improves efficiency, accuracy, and overall operational effectiveness for Chefaa pharmacy owners.
Officials from Paymob said they are happy to partner with Chefaa as they see an opportunity to fuel the growth of e-pharmacies and online medicine orders in Egypt via access to Paymob’s payment solutions. The sector is ripe for innovation and their partnership with Chefaa will enhance customer experiences and drive digital adoption in the marketplace.
Paymob serves as a growth partner to over 200,000 merchants in its network across MENA-P by ensuring they have access to the most cutting-edge financial technology solutions available, tailored to meet their needs at any stage of their growth. Paymob’s omnichannel payments infrastructure supports over 40 online and in-store payment methods via its gateway, point of sale (POS) devices, and mobile app soft POS. The regional fintech also enables merchants to pay bills, manage their finances, and grow their businesses via a real-time dashboard.
Chefaa empowers over 900K people monthly to live healthier and happier and connects them with +1200 pharmacies to meet their pharmaceutical and non-pharmaceutical needs. By leveraging innovative technology, Chefaa aims to revolutionise the healthcare industry by providing seamless access to essential healthcare products, services and personalised support for patients.
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