Payhalal, Atome offer Islamic buy now, pay later feature
By Digital News Asia April 5, 2022
- Offers first 786 merchants free payment gateway set-up
- Forecasting strong payment processing volume, revenue
PayHalal is now offering merchants participation in its inaugural iBNPL facility jointly offered with Atome.
In a statement, the syariah compliant payment gateway said merchants who sign up with PayHalal can now benefit from the Riba free, 0% interest program as well as thousands of Atome’s pre-approved consumers with a maximum US$1,185 (MYR 5,000) spending limit.
With top brands such as Zurich Takaful, Celcom, Misz Nina, Cattle Queen, Halal Development Corporation Berhad, and many other blue-chip merchants already onboarded, the Islamic Buy Now pay later program offered by PayHalal and Atome plans to provide merchants with a sustainable income by generating traffic into their webstore and storefronts, it added.
This is further driven by tactical campaigns offered by Atome’s Buy Now Pay Later app, which drives the app users to PayHalal’s merchant base for halal and Syariah-compliant products and services, the company said.
According to PayHalal, the campaign has already kickstarted with special promotions - offering the first 786 merchants free set-up for the PayHalal payment gateway, which has been pre-loaded with an approved iBNPL facility.
Registration can be completed online in 30 minutes with immediate approval or with PayHalal’s on-ground roving team, which will be mobilised to assist offline merchants, it said.
Azhani Azman, director of Sales at PayHalal, said that iBNPL will propel Malaysian businesses to a whole new level as the feature offers great benefits to merchants and consumers.
“With the flag-off of this campaign, especially during the Ramadhan month, we expect this to catch on quickly.
“PayHalal remains committed to helping Malaysian businesses fast-track their digital pivot. Our iBNPL offers merchants complete market access to shoppers looking to make the most of their budget, whereas shoppers can purchase their heart’s desire without breaking the bank,” he said.
With PayHalal’s merchant payment services, consumers can expect transparent, Riba and Gharar free transactions reiterating PayHalal’s goal to provide consumers with protection when they shop online, without fear.
The company said it is forecasting US$2,041 million (RM8.61 billion) in payment processing volume and US$8.3million (RM135 million) revenue as revenue for the company in the next financial year 2023.
On top of helping merchants gain exposure to a wider segment of consumers, PayHalal through iBNPL also offers them additional benefits that include business support in the form of digital marketing and even training for physical stores looking to digitalise their businesses.
This facility also benefits consumers, who can now shop with flexible payment options that include zero-interest deferred payments with no annual and servicing fees required, it said.
Additionally, they will also enjoy shopping from an extensive Syariah-compliant merchant base, PayHalal said.
“We’re excited to partner with Asia’s leading BNPL player, Atome, to bring greater options and value-for-money deals to Malaysian shoppers,” Azhani said.
“With the upcoming festive Hari Raya shopping period, this is the perfect time for shoppers and merchants to maximise their benefit from the festive sales.”
Jeremy Wong, head of strategic partnerships, Atome, said with the launch of iBNPL, the Atome program is now available to all PayHalal merchants.
“Every merchant who signs up on PayHalal will benefit from Atome’s zero-interest program, technology strength and marketing prowess.
“For Muslim consumers, this means they can shop using iBNPL knowing that their purchase is Shariah-compliant. Additionally, we will be adding the Malay language option on our Atome app soon and roll out our local campaigns.”
Atome expects to grow its operations across more cities in Malaysia by the end of the year, he added.
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