This partnership integrates Tamara’s BNPL service with Paymob’s secure gateway to provide seamless payments by enabling customers to split their payments in four without any hidden fees or interest.
Paymob’s omnichannel payments infrastructure currently serves 250,000 merchants in the region, while Tamara has more than 9 million registered users and 30,000 partner merchants. Moreover, the partnership aims to boost the growth of small and medium-sized enterprises (SMEs), which are significant contributors to GDP in MENA.
Both companies have also a series of partnerships with some of the region’s important brands, but this agreement is tailored towards SMEs. In addition, comprehensive payment offerings ensure increased sales and conversions for businesses of any size. Thus, by integrating Tamara’s BNPL solution into Paymob’s gateway, merchants are to gain a 40% increase in average order value, a 15% increase in online conversion rates, and a 50% increase in repeat purchases.
Following this announcement, Paymob stated that the partnership with Tamara will help it on its mission to fuel SME growth in the digital economy and that there is an opportunity to enable merchants in the GCC to capitalise on the power of alternative payment methods. In response to this, Tamara’s officials said that said, this partnership will enable both companies to provide access to thousands of SMEs and to grow across the region.
According to the official press release, Paymob and Tamara are currently experiencing rapid growth fuelled by recent funding. At the beginning of January 2024, Tamara secured a USD 150 million debt facility from Goldman Sachs and is expanding its product lines and verticals. Meanwhile, Paymob’s 2022 Series B funding led by PayPal Ventures has driven its growth across the region, which led to the company's expansion to the UAE in 2022. The company also secured PTSP certification from Saudi Payments in Q2 2023, making it fully operational in KSA.
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