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Botim Launches MENA’s First-Ever “Send Now, Pay Later” Service

The new feature offered via the Botim Ultra App allows users to make instant transfers internationally while deferring payments.

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botim launches mena's first ever send now pay later service

Abu Dhabi-based tech group Astra Tech has launched a first-of-its-kind “Send Now, Pay Later” (SNPL) service in the UAE via its Botim Ultra App. The new feature lets users instantly send funds internationally while deferring payments, making Botim the first fintech provider in the MENA region to offer this kind of solution.

Astra Tech’s fintech ecosystem has seen a huge increase in transaction volumes quarter-on-quarter, and the new SNPL feature follows the success of the company’s expanded remittance services in 2023.

botim snpl service

Expatriates form a significant portion of the UAE’s workforce. SNPL offers these residents, in particular, enhanced financial flexibility to send money overseas and pay later in manageable installments. In the first five months of 2023 alone, Dh6.74 trillion was processed by Botim in remittances from the UAE, highlighting the importance of the service.

Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim, commented: “The launch of ‘Send Now, Pay Later’ marks a pivotal moment for Botim and Astra Tech. By leveraging advanced credit infrastructure, we’re offering users a faster, more accessible way to send remittances. This service gives millions of users the flexibility to manage their financial obligations more effectively while continuing to support their families abroad.”

Also Read: A Guide To Digital Payment Methods In The Middle East

The launch of Botim Ultra’s SNPL service aligns with Astra Tech’s mission to expand financial inclusion across the MENA region. The fintech startup has already acquired a Finance Company License through Quantix, a financial service provider licensed by the Central Bank of the UAE. Quantix provides various credit solutions, including SNPL and Buy Now, Pay Later (BNPL).

Ahead of the official rollout of SNPL services, Botim will open pre-registration to its more than 9 million users, allowing early adopters to benefit from instant remittance transfers with flexible payment terms.

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Lebanon Ministers Meet Visa Over National Digital Payment Platform

Finance and technology ministers say a comparative study and roadmap will follow before any decision on adopting a model.

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lebanon ministers meet visa over national digital payment platform

Lebanon’s finance and technology ministers met representatives from Visa last week to discuss a proposed unified national digital payment platform for government services, according to a readout from the Ministry of Finance.

The meeting brought together Finance Minister Yassin Jaber, Minister of State for Technology and Artificial Intelligence Kamal Shehadeh, a Visa delegation, and experts from both ministries. Discussion focused on whether Lebanon could establish a single platform through which citizens and institutions would pay taxes, fees, fines and other official transactions electronically, using mobile phones and other digital channels.

The Visa delegation presented examples from countries that have adopted unified government payment platforms, including the United Arab Emirates, Singapore, Estonia and Jordan. According to the readout, the examples were presented as having increased collection rates and expanded financial inclusion.

Talks covered settlement mechanisms, direct transfer to the treasury account, financial reconciliation, risk management, cybersecurity, fees, and an operational model that would involve the private sector. The parties agreed to continue technical and institutional consultations, prepare a comparative study, and develop an implementation roadmap before any decision on adopting a model for Lebanon.

Jaber said the Ministry of Finance had already enabled citizens to pay using credit cards and e-wallets through transfer companies, but described the proposed platform as a further step. He framed the development of electronic payment and collection systems as a priority within the ministry’s modernization plan.

Also Read: Deezer Says AI Tracks Now Make Up 44% Of Uploads

Shehadeh outlined the citizen-facing concept as a single mobile application through which users could settle obligations to ministries, government institutions and other bodies.

“The idea, in short, is that any citizen downloads an application on their mobile phone, through which they can pay all service obligations for all ministries, government institutions, or those owned by the Lebanese state, and others as well, as the platform is not limited only to state institutions,” he said.

Shehadeh added that the platform would not displace banks and money transfer companies that currently provide collection services to the state, calling it complementary to their work.

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