PayLater, an innovation-driven alternative payment provider, is gearing up to launch Qatar’s leading Buy Now, Pay Later (BNPL) solution in 2024.
BNPL, which is revolutionising the way shoppers will buy, is a short-term financing model that enables instant purchase of goods and services while allowing shoppers to pay in four equal instalments over up to three months entirely interest-free and fee-free (no hidden fees or any other fees applied if repaid on time) online and at Point of Sale (PoS).
This makes BNPL akin to a microloan, allowing individuals to manage their finances more effectively and responsibly by stretching the cost of a purchase over time without incurring extra expenses. The financial model is emerging as one of the foremost payment mechanisms, winning various markets across the globe.
With a focus on revolutionising the financial landscape, PayLater aims to meet the evolving needs of businesses and consumers alike.
PayLater is striving towards close collaboration with key regulatory bodies in Qatar, including the Qatar Central Bank and the Credit Bureau, which underscores the company’s dedication to extensive compliance with regulatory and compliance frameworks, emphasising transparency and integrity in its operations.
As the launch date approaches, PayLater stands at the forefront of innovation, ready to provide a revolutionary BNPL solution that redefines the way transactions occur in Qatar.
In response to the growing preference for alternative payment options, PayLater aims to create financial freedom in the way people think about money and alter patterns of spending, earning, and saving by redesigning their relationship. The company’s mission is to financially empower a generation of shoppers by providing honest and ethical financial products with flexibilities that improve quality of life.
PayLater’s transformational solution stands as an interest-free model, ensuring that the financial arrangement follows Islamic financial principles. The financing structure aligns with ethical and interest-free standards, making it an inclusive and acceptable option for a broader range of consumers, including those who seek financial solutions that are Shariah-complaint.
At the core of PayLater’s mission is the desire to financially empower a generation of shoppers by providing honest and ethical financial products that significantly improve the quality of lives by breaking down a purchase into equal instalments.
The forthcoming BNPL solution is poised to revolutionise the way people make purchases with a short-term model enabling instant acquisition of goods and services, allowing customers to pay in four equal instalments over three months, all interest-free and without fees. PayLater believes that the future of finance is all about empowering individuals and businesses financially.
As PayLater prepares to launch, merchants in Qatar are presented with a strategic opportunity to take advantage of massive tailwinds by entering the BNPL space. The integration of a BNPL framework into the merchant’s ecosystem (digital and PoS) accelerates sales through increased conversion rates and higher spending volumes.
PayLater’s seamless checkout experience and native integration are designed to provide merchants with the tools needed to thrive in the evolving landscape of consumer payments. The retail sectors that would most benefit by PayLater’s offering include fashion, travel, education, beauty, wellness and health, entertainment, hospitality, furniture and appliances, insurance, and automotive.
PayLater is committed to leveraging a state-of-the-art technology platform that prioritises security resulting in a cutting-edge and secure payment system. This commitment translates into a secure transaction experience for users. All sensitive information related to payments, customer profiles, and more, will be protected under the latest industry security standards. All transactions will be conducted via secure connections and bolstered by security measures, thereby promising customers the utmost confidence and protection in their financial interactions.
PayLater’s commitment to innovation and diversification in the payment landscape aligns seamlessly with the key objectives of Qatar National Vision 2030, fostering economic growth and progress. Redesigning the style of spending redefines people’s relationships with money thereby providing a high standard of living for its people and promoting economic development.
“We strive to become the leading BNPL provider in Qatar while fostering aggressive growth plans into the wider Mena region. We understand that alternative payments matter. Our commitment to a seamless checkout experience and native integration sets us apart, ensuring a transformative experience for both customers and merchants,” said Khalifa al-Haroon, co-founder of PayLater.
