Fintech and logistics services provider X-ERA Egypt, and Paymob, a Mena financial services enabler, have inked a partnership agreement to digitise B2B payments for numerous grocers and small retailers in Egypt.
As part of the deal, Paymob’s payment acceptance technology will now be integrated into X-ERA’s fast-moving consumer goods (FMCG) ordering application, creating an end-to-end digital business solution for merchants who previously had to stick with the cash-on-delivery option. Credit cards, digital wallets and other types of payments from Paymob’s offering on the X-ERA app will be seamlessly processed through Paymob’s gateway.
X-ERA’s CEO, Mahmoud ELenani, said: “I am very thrilled to sign this important agreement with Paymob, the leading digital payments and fintech service providers in Egypt and beyond.
“This cooperation aligns with X-ERA’s strategy to redevelop Egypt’s informal commercial market, by providing a package of diversified fintech tools and payment solutions to small grocers, corner shops, small and medium-sized merchants in different governorates throughout Egypt.”
Through Paymob’s technology, X-ERA merchants can also pay their utility and telecom bills to further digitise their businesses.
On balance, this partnership aims to digitise how grocers and small businesses operate, fast-tracking their growth in the digital economy.
Mr ELenani noted that this joint venture can help merchants to raise business efficiency and operation volume and broaden the scope of e-commerce strategies.
Paymob’s CCO, Gillan Shaaban, said: “This strategic partnership is aligned with our mission to fuel the growth of SMEs in the digital economy.
“Digitising B2B payments is key to the overall value chain, and we are proud to power X-ERA’s digital payments acceptance for its merchants. With this partnership, underserved merchants and grocers who lack access to traditional bank-offered financial services can now actively participate in the digital economy. ”
X-ERA re-develops the informal market using advanced business solutions and enabling technologies designed to accommodate the needs of SMEs.
The company also mulls investing millions of dollars in tech development and geographic expansion.
In November, X-ERA acquired Speed Store, an Egyptian e-commerce platform, revamping the Speed B2B app with its partners to make it more user-friendly.
Unveiled in Egypt in 2015, Paymob’s payments infrastructure enables more than forty online and in-store payment methods via its gateway, point of sale and Paymob app products. Today, the fintech caters to 170,000 merchants, simplifying business with technology solutions.