Amazon Egypt Launches vaIU’s BNPL Services in Egypt
Customers who have signed up for both amazon.eg and valU will be able to select the BNPL payment method on amazon.eg’s online store, and choose their installment plan of choice from six to 60 months.
Amazon Egypt is introducing installment plans through vaIU, a leading Buy Now Pay Later (BNPL) platform based in Cairo and a subsidiary of EFG Hermes, to provide customers in Egypt with flexible and affordable payment options.
Customers who have signed up for both amazon.eg and valU will be able to select the BNPL payment method on amazon.eg’s online store, and choose their installment plan of choice, ranging from six to 60 months, without any down-payment. Amazon.eg shoppers can also choose flexible payment solutions after buying products with a minimum spend of EGP 500 on any category, including electronics, furniture, fashion, sports, grocery, baby care and beauty supplies, household appliances, and others. vaIU will provide customers with transparency and ease of planning for their installment payments.
The BNPL market is growing rapidly in Egypt. BNPL payment in the country is expected to grow by 132.8% on an annual basis to reach $434.7 million in 2022, according to a report by Research and Markets. It is also expected to grow steadily during the forecast period between 2022 and 2028, recording 55.9% CAGR. Some leading BNPL players in the Egyptian market include MNT-Halan, a fintech super app that raised $120 million in 2021, and Khazna, a finance app that raised $38 million in 2022.
“The collaboration with valU to support BNPL solutions to Amazon Egypt’s customers is a major step in our strategy to provide flexible and dependable payment methods for our customers,” Omar Elsahy, General Manager at Amazon Egypt, tells StartupScene. “We continuously look for ways to ease the financial load on our customers as they shop for their favorite products on Amazon.eg. Through the collaboration with valU, we will provide customers the opportunity to purchase any product they desire from our growing selection of local and international brands through affordable payment option plans.”
Amazon launched in Egypt in September 2021, replacing souq.com. Egypt is its first outpost in Africa.