Amazon has collaborated with Buy Now, Pay Later (BNPL) fintech platform, vaIU, to launch affordable payment options for Amazon Egypt.
Through this service, customers will be able to opt for one of a variety of BNPL installment plans at check-out. They can select a payment option based on their credit limit, which is provided by vaIU. Shoppers will be able to spread payments over periods of 6 to 60 months without any downpayment, and make purchases with a minimum spend of EGP 500 in a variety of product categories.
On the announcement, Peter George, managing director of Amazon Payment Services, said: “As we continue to grow our businesses in different parts of the world, I am very excited to see Amazon Egypt contributing to the country’s digital economy through innovation to provide our customers with the best possible shopping experience, anchored in convenient payment methods.”
On the benefits of BNPL, Walid Hassouna, CEO of valU, observed: “By taking advantage of deferred payment methods, customers have more freedom to spend without the fear of feeling squeezed financially.”
Current trends indicate that BNPL is gaining significant interest from large players, but increased regulatory scrutiny and a turbulent tech market is showing some strain. The UK government recently announced it will implement harsher regulation to protect consumers when it comes to BNPL lending.