Tribune news network
doha
Qatar’s leading alternative payment provider, PayLater, has been awarded a conditional license for launching a sandbox trial supervised by Qatar Central Bank, marking the beginning of a new era for consumers in Qatar to take advantage of unprecedented financial flexibility.
PayLater is a ‘buy now pay later’ (BNPL) solution that enables the instant purchase of goods and services while allowing shoppers to pay in four installments over a period of three months, empowering individuals to manage their finances more effectively and responsibly.
With zero interest or fees, the Sharia-compliant financial model is emerging as one of the foremost payment mechanisms in the world, attracting merchants and customers across the globe.
Khalifa Al Haroon, co-founder and chairman of PayLater, said: “Following a rigorous application process that verified our security systems and controls to ensure customer and merchant protection, we are proud to have received a regulatory sandbox licence from the Qatar Central Bank. This step affirms our commitment to safeguarding customer information and transactions, while also providing a smooth and seamless user experience.”
The sandbox program is a framework that regulates the development of the fintech industry and allows startups to try their product with a limited number of merchants to ensure an optimised experience.
The global market for BNPL solutions is booming. Growth of such short-term installment loans is expected to hit $960 billion by 2026, up from $433 billion in 2022, according to a study by Deloitte. More than 30 percent of people in Qatar have already used a deferred payment option like PayLater.
Merchants will also greatly benefit from incorporating the PayLater payment platform as research demonstrates these platforms significantly increase conversion rates, average order value and customer repeat rates.
Haroon added: “PayLater is an honest and ethical payment solution that will empower consumers with a more flexible way to spend their money - giving them the freedom to purchase the goods and services they want, on their own timeline. We are immensely proud of our innovative payment solution, and merchants are already lining up to see how they can integrate PayLater into their payment platforms. Soon, people throughout Qatar will be able to use PayLater at many of their favorite brands, either in-store or online.”
Qatar is an attractive destination for fintech startups due to the government’s carefully regulated operations aimed at ensuring ease of doing business in an environment conducive to investments.
