Online shoppers in ZoodPay markets may pay by interest free instalments in local currency, while cross-border merchants will be reimbursed in EUR or USD.
• Empowering merchants from China, Europe, Russia and Turkey to offer a BNPL solution to shoppers in the Middle East and Central Asia
• The move accelerates cross-border trade as merchants can tap into ZoodPay’s ecosystem, which includes a Buy Now, Pay Later solution, the ZoodMall marketplace, and the ZoodShip logistic infrastructure
• ZoodPay offers shoppers options to buy products in local currency, with flexibility of paying in 14 days, or three to six instalments, without any interest or fees
Headquartered in Switzerland, ZoodPay, an innovative Buy Now, Pay Later (BNPL) solution provider, announces the launch of the first cross-border BNPL solution for the Middle East and Central Asia.
This unique offering that boosts e-commerce activity, creating cross-border opportunities for merchants from China, Europe, Russia and Turkey. These merchants can open their storefronts, promoting and selling their products to shoppers in new markets, through the ZoodPay ecosystem, without additional set-up costs or fees, specifically in the following countries, Uzbekistan, Kazakhstan, Iraq, Jordan, Kuwait and Saudi Arabia.
Moreover, through this initiative, shoppers can purchase products offered in their local currency with the flexibility of receiving the goods first and paying for them later in either 14 days, or in three to six instalments, without incurring any interest or fees.
Merchants will have a unique one-stop value proposition aligning them with new customers by offering secure, flexible and popular payment methods, full-operational logistic support for product delivery through ZoodShip, and having an option to create demand generation and marketing for their products through the ZoodMall marketplace, all under one umbrella.
Online shoppers in the markets serviced by ZoodPay may now receive instant approval and purchase products in their local currency, using their own online payment card, while merchants will be reimbursed in EUR.
There are numerous benefits for merchants on the ZoodPay’s solution in driving sales, including access to an alternative payment method to cash-on-delivery, easier entry to the fast-growing online shopping markets in the Middle East and Central Asia, building brand loyalty, as well as the ability to acquire new customers with higher order value.
Furthermore, merchants using ZoodPay’s solution, can expect to substantially reduce their customer servicing costs, increase their average order value, and reduce their product returns.
Michael Khoi, Group CEO of OrientSwiss, the parent company of ZoodPay BNPL and its ZoodMall marketplace commented, “As international e-commerce grows, offering ZoodPay to cross-borders merchants is a great incentive to open and showcase their storefronts to new markets with popular payment methods. Introducing cross-border merchants to consumers and into our unique ecosystem across our markets is an exciting development for us and an important step in ZoodPay’s expansion plan.”
Another feature for merchants operating from China, Europe, Russia and Turkey is the availability of the ZoodPay’s marketplace, ZoodMall for demand generation and promotion of products inclusive a ‘Buy Now Pay Later’ option. ZoodMall is the Middle East’s and Central Asia’s fastest growing mobile-only shopping app, part of the ZoodPay ecosystem, which already provides consumers access to six million products from over 30,000 local and cross-border merchants, with the option to also pay cash-on-delivery or with ZoodPay.
ZoodMall’s marketplace is an ideal solution for cross-border merchants who want to enter the countries of the Middle East and Central Asia with a BNPL solution, given the low penetration and fast-growing nature of these markets. Moreover, it overcomes the logistic challenges in delivery through ZoodShip, or setting up locally with a quick integration solution and a low cost of search, negates financial risk by reducing the need to invest massively before testing the markets and limiting costs to only sales performance, and relieves the cumbersome need to manage customer support.
Martin Muransky, CEO of ZoodPay said, “This unique offer will immediately boost cross-border sales for merchants in China, Europe, Russia and Turkey, providing them with an alternative payment solution to cash-on-delivery. It will also enable them easy access to the ever-growing digital-savvy shoppers in the Middle East and Central Asia, who prefer to unpack first and pay later, using ZoodPay, while allowing them to do so using their local currency and their own debit or credit cards.”
Today, ZoodPay offers merchants easy integration on its online shopping platform and access to customers in the Middle East and Central Asia through popular e-commerce platforms such as OpenCart, Magento, PrestaShop, or WooCommerce, to name just a few.
ZoodMall the local and cross-border marketplace for ZoodPay’s Buy Now Pay Later sellers