Paymob, a company specializing in the provision of financial services, has established cooperation with the Shahid streaming platform.
This partnership will allow customers of the streaming service in Egypt to pay for a subscription to video on demand (SVOD) using electronic wallets that are serviced by Paymob.
Paymob Commercial Director Gillian Shaaban says that the payment acceptance technology developed by the company allows Shahid to lead the industry, making SVOD more accessible to millions of people by expanding the methods of accepting digital payments.
This cooperation is the first such practice in the industry. In North Africa and the Middle East, streaming platforms use mobile payments.
Currently, streaming services are actively working on the localization of subscription payment methods. This activity is necessary to have the maximum number of clients. Difficulties associated with paying for a subscription, or the complete inability to pay for access to streaming, deprive companies of consumers and, as a result, income. For example, Netflix has sought to expand the list of alternative payment methods to include UPI in India and GoPay digital wallet in Indonesia.
At MENA, a new sports and entertainment streaming platform called TOD aims to attract customers by providing payment options through direct carrier billing (DCB). This solution allows users to pay the bills of their mobile operators.
TOD, which was created by the Qatari media conglomerate beIN Media Group, will accept DCB to pay for subscriptions through a partnership with TPAY Mobile. Using DCB technology, the company expects to expand its services to customers who may not have access to a credit or debit card.
Mobile operators are increasingly using DCB. Because of this circumstance, companies create single connection points for businesses that want to simplify the payment method. Streaming services can benefit from this technology.
Islam Shawki, co-founder and CEO of Paymob, says that there is currently a lack of balance between issuing and accepting payments in many countries. He noted that this state of affairs hinders the development of small businesses. As an example of a country where there is an imbalance, Islam Shawki cited Pakistan. Paymob expanded its activities in the Pakistani financial services market last year. Islam Shawki also focuses on the fact that traditional banks are focused on meeting the needs of large enterprises.
As we have reported earlier, US Biggest Banks Teams Up to Take On Apple and PayPal.