ZoodPay, a leading fintech Super App as claimed by the firm in the Middle East and Central Asia, and along with Network International, a leading enabler of digital commerce across the MEA region, has recently announced a strategic collaboration to provide ‘Buy Now Pay Later (BNPL) solutions for Network’s merchants in Jordan.
ZoodPay claims it to be Jordan’s first and exclusive BNPL Solution provider. The firm reports that it is currently available for customers shopping on its own marketplace, ZoodMall, with online partners on websites and apps, or with its offline partners in malls across Jordan.
The firm also reported that, under the strategic collaboration, ZoodPay will be BNPL-enabled for thousands of Network’s merchant partners, permitting millions of Jordanians to enjoy buying products and services and pay in four (4) monthly installments, without any commission or fees.
The two firms will also launch co-marketing campaigns to raise awareness about ZoodPay BNPL’s benefits and drive merchant utilization.
As reported from industry sources, this collaboration will bring out immediate go-to-market advantages. Merchants already using Network’s POS terminals will receive an automatic service upgrade as the ZoodPay service will become available during the 2nd quarter of this year without the need for any additional technical integration, just a quick onboarding process with ZoodPay.
This collaboration will also pave way for the merchants benefitting out from a specially packaged product including Network’s POS payment solution and ZoodPay’s BNPL service.
Commenting on this collaboration, 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 ecommerce 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.”
Amjad Al-Sadeq, Network International’s Regional Managing Director, Processing – Levant, added: “In line with our commitment to offer the latest payment solutions to our clients and the Jordanian public, Network International is proud to be the first aquirer to adopt BNPL services domestically. For this purpose we chose to collborate with ZoodPay, as the exclusive provider of BNPL in the country.”
Customers opting out for ZoodPay’s BNPL payment option will have a seamless experience. They require to already have downloaded the ZoodPay App, apply for a credit limit and get instant approval. Once approved, the customers will have access to flexible short-time financing and pay in monthly installments with their regular debit or credit cards registered on their account with ZoodPay.
At the moment of purchase, the Merchant will need to select ZoodPay as the desired payment method on Network’s POS terminal and generate a QR code that needs to be scanned by the customer using the ZoodPay in-app QR Scanner for the transaction to go through.
Post this process is accomplished, the merchant immediately gets paid in full by ZoodPay, while for the customer only 25% of the value will be debited at the time of purchase, and the remaining amount will be debited automatically from his card every 30 days for the next three (3) months, with no commission, nor additional charges.
ZoodPay also added that they had recently closed 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.
