The option is available at any UAE Exchange branch in the UAE
Following requests from customers, UAE residents looking to purchase car insurance through Souqalmal.com will now be able to remit funds using the cash collection services of UAE Exchange.
The cash payment option will be available at any of the 150 UAE Exchange branches in the UAE.
According to Souqalmal, the option is ideal for those who prefer to research and compare their options online but make payments offline, as well as those who still prefer not to use credit cards online.
“Currently, around 10 percent of our sales is done through bank transfer which is an alternative to cash payment,” said Souqalmal founder and CEO Ambareen Musa.
“As we grow, more and more customers have been inquiring about the Cash payment option. Our collaboration with UAE Exchange is a big step in this direction.
“The idea behind this collaboration is to offer our customers the option to pay through multiple channels, whether it is cash, bank transfer or credit card,” Musa added.
According to a 2016 study from Effective Measure, approximately 70 percent of UAE residents still consider cash on delivery as their preferred payment option.
Last month, Souqalmal launched an instalment payment option to allow customers to convert their car insurance premium into monthly instalments on their credit cards.
“The purchase and payment options are both critical aspects of the user journey, and we want to tie the two together in a way that suits every time of buyer,” Musa said.