New Online Payment Method Launched in Middle East

Leading Arab payment service, Payfort, has announced an instalments service that will be available through Egypt's largest private bank, the Commercial International Bank, or CIB.The new service will allow online retailers to offer their customers the option to pay through instalments in 15 banks in the region, providing “flexible payment options for an estimated 350,000 CIB customers.”Payfort's new service will allow customers to use a credit card to purchase items on ecommerce sites, then pay off the amount in monthly instalments through a bank of their choosing.This is expected to encourage ecommerce sales in the countries effected, including Saudi Arabia, the United Arab Emirates and Egypt.Ahmed Al Salahy, Regional Manager for Payfort, said that the launch “helps increase the purchasing power of CIB account holders”.