Test phase of ‘Buy Now Pay Later’ service receives overwhelming response
The Peninsula
Doha, Qatar: The test phase of the recently launched Buy Now Pay Later (BNPL) service approved by the Qatar Central Bank (QCB) is receiving overwhelmi...
Doha, Qatar: The test phase of the recently launched Buy Now Pay Later (BNPL) service approved by the Qatar Central Bank (QCB) is receiving overwhelming response from the public, which is an indication of the massive benefits the initiative offers, industry experts have said.
BNPL is a solution that enables the instant purchase of goods and services while allowing shoppers to pay in four instalments over a period of three months in Qatar, 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.
QCB had in April approved five companies, namely: Spendwisor Inc., Qaiver FinTech LLC, HSAB for Payment Solutions, Mihuru LLC, and PayLater Website Services, as the first cohort of the BNPL initiative.