Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), and Chefaa, Egypt’s GPS-enabled digital pharmacy marketplace, have announced their partnership to power the digital transformation of pharmaceutical payments in Egypt.
The partnership will digitize pharmaceutical payments by powering seamless and secure online card payments as well as point-of-sale (POS) payments upon delivery. Chefaa customers can also access several BNPL payment methods through Paymob’s gateway, which helps elevate the financial burden of up-front payment for medicine and healthcare products.
By driving the adoption of digital payments in the health sector and fueling online orders, the Paymob – Chefaa partnership will enable smaller pharmacies to reach a broader customer base and increase sales. The partnership also streamlines prescriptions for chronic patients who require recurring refills.
The Egyptian pharmaceutical market demonstrated robust growth in 2022 and was valued at USD 3 billion. With a projected compound annual growth rate (CAGR) of over 7% during 2022 – 2027, the market is poised to continue its upward trajectory. This positive trend reflects the country’s increasing demand for pharmaceutical products as the population’s healthcare needs grow. The steady expansion of the Egyptian pharmaceutical market presents promising opportunities for pharmaceutical companies operating in the region.
Gillan Shaaban, CCO of Paymob, commented: “We are thrilled to partner with Chefaa as we see a massive opportunity to fuel the growth of e-pharmacies and online medicine orders in Egypt via access to Paymob’s cutting-edge payment solutions. The sector is ripe for innovation and our partnership with Chefaa will enhance customer experiences and drive digital adoption in the marketplace. It’s a win-win for the ecosystem.”
Rasha Rady, COO and Co-founder of Chefaa, stated: “In alignment with Chefaa vision to safely digitize an industry that directly serves patients’ health welfare, this partnership with Paymob is a significant milestone in our comprehensive approach to patient care. By empowering patients with a digital payment solution that is designed with their unique needs in mind, we aim to ease patients’ worries, foster trust, and build lasting relationships based on compassion and support while leading innovation in our sector.”
Paymob serves as a growth partner to over 200,000 merchants in its network across MENA-P by ensuring they have access to the most cutting-edge financial technology solutions available, tailored to meet their needs at any stage of their growth. Paymob’s omnichannel payments infrastructure powers over forty online and in-store payment methods via its gateway, point of sale (POS) devices, and mobile app soft POS.
Chefaa empowers over 900K people monthly to live healthier and happier and connects them with +1200 pharmacies to meet their pharmaceutical and non-pharmaceutical needs.