ZoodPay and MakanE enter a strategic partnership to enable
“Buy Now Pay Later”
solutions on MakanE’s platform online stores
The partnership will enable online shoppers in thousands of MakanE stores to pay for their purchases in monthly installments with ZoodPay
Khoi: “ZoodPay solutions will play a major role in shaping the future of digital payments in Jordan, and we are excited that MakanE is joining us on this journey.”
Amman, Jordan - October 30, 2022
ZoodPay, a leading digital-lending platform for e-commerce in the Middle East and Central Asia, announces a strategic partnership with MakanE, a leading e-commerce platform in the MENA region, to provide “Buy now, pay later” solutions for all online stores using the MakanE platform in Jordan.
MakanE is among the most successful e-commerce platforms in the MENA region. Through its services, it empowers thousands of clients by helping them digitize their brands. It also enables SMEs, women, youth, and entrepreneurs to grow their businesses, increase revenue, and generate a sustainable income stream through the power of e-commerce.
ZoodPay is Jordan’s first and only digital-lending platform, offering BNPL solutions to customers shopping on its marketplace, ZoodMall, or at offline partners’ stores in malls across Jordan. This strategic partnership sees ZoodPay’s BNPL enabled on thousands of MakanE’s online stores, allowing customers to enjoy buying products and services and paying in monthly installments without any commission or additional charges.
For merchants already using MakanE’s e-commerce platform, ZoodPay will become available instantaneously and does not require any additional technical integration, just a quick onboarding process with ZoodPay. For new merchants, MakanE offers a complete package that includes building e-commerce stores and mobile apps, in addition to a ZoodPay add-on that allows them to provide installment payment solutions to their users.
Customers who choose ZoodPay’s installments solution will have a seamless checkout experience. When shopping from a merchant’s online store using MakanE’s e-commerce platform, they will need to select ZoodPay as their payment method at checkout, provide the requested information and apply for instant approval. Once approved, customers can access flexible short-term financing, enabling them to pay for their purchases in monthly installments with their regular debit or credit cards. Only 25% of the value will be debited at the time of sale, while the remaining amount will be debited automatically from the customer’s bank account every 30 days for a period of 3 months.
Commenting on this partnership, Michael Khoi, Group CEO of ZoodPay, said: "ZoodPay’s payment solutions will play a major role in shaping the future of digital payments in Jordan, and we are excited that MakanE is joining us on this journey. Our flexible installments will help merchants increase their basket value and conversion rates, decrease returns, expand their customer base, and provide a better shopping experience to their customers.”
Abeer Qumsieh, MakanE's Chief of Business Development and Strategic Partnership Officer, said:"Our partnership with ZoodPay brings us a step closer to achieving our goal of providing effortless checkout experiences for our merchants’ customers by providing them with diverse and accessible ways to buy all their favorite products with ease."
ZoodPay launched its commercial operations in Jordan in March 2021. Since then, it has attracted hundreds of well-known local merchants and brands to its ZoodMall marketplace, which carries over 200,000 local and 6 million cross-border products. ZoodPay is also available offline in more than 400 points of sale in malls and markets across the Kingdom. Local merchants can access the ZoodPay payment service through Network International’s POS terminals, on HyperPay’s payment gateway, and on the MakanE platform in January 2023.
The ZoodPay & ZoodMall app boasts 1.2 million downloads and over 100,000 active users in Jordan. In the first quarter of 2023, the company plans to launch its ZoodShip, e-logistics services, and the ZoodPay SME financing program. These services will help Jordanian merchants accelerate their online businesses by providing them with monthly inventory financing, the necessary warehousing technology, free online content creation, packing, sorting, and last-mile delivery through dedicated fulfillment centers and e-logistics solutions.
Headquartered in Switzerland, ZoodPay has ten supporting offices servicing the Middle East and Central Asia. ZoodPay’s fintech solution and its marketplace, ZoodMall, have more than 8 million app users and are delivering "Swiss Quality" shopping experience and cross-border services to merchants and shoppers across fast-growing fintech and e-commerce markets in the Middle East and Central Asia – this currently includes Jordan, Iraq, Lebanon, Uzbekistan, and Pakistan.
MakanE is an e-commerce platform founded in early 2020. With a mission to support businesses, MakanE gives power to its clients by helping them sell anywhere and to anyone. It offers e-commerce solutions that include building online stores, mobile apps, and growth support to all its partners by operating within many of the MENA region's markets, including Saudi Arabia, UAE, Jordan, Iraq, and Egypt.