‘Buy now, pay later’ online platform launches in UAE
Postpay to provide installment options for shoppers at zero interest or fees
Postpay, a new payment service that allows shoppers to pay for products in installments with no interest or transaction fees, has been launched in Dubai.
The screening process is performed in real-time using postpay’s technology applied to credit risk, the company says.
“We are very excited to launch postpay in the UAE, not only as the first 'buy now, pay late' product in the region but also as a proudly localised product tailored for the GCC with no interest and no transaction fees. We are shifting the cost-economics from our customers, who are at the core of our offering, to the retail merchants to whom we also provide true value,'' said Tariq Sheikh, CEO and Founder of postpay.
Postpay also seeks to provide value to retail-merchants by increasing conversion rates and sales, average basket size and customer penetration with no added risk to the retail merchant.
The company also wants to push customers away from the prevailing cash-on-delivery (CoD) culture in the region towards online payments.
For purchases, customers simply select ‘postpay’ as their payment method on checkout at partner retailers. First-time customers enter minimal personal details including phone number, name, Emirates ID number and their payment details. If the customer is approved, they pay the first instalment immediately, receive their order as normal and pay the remaining three instalments fortnightly (every two weeks).