5th April 2022 - 2 min read
Shariah-compliant payment gateway company PayHalal has rolled out a new i-Buy Now Pay Later (iBNPL) facility for its merchants. Offered in collaboration with BNPL platform Atome, the facility aims to offer sustainable income to merchants by generating traffic to their online or brick-and-mortar stores.
In a statement, PayHalal explained that the new iBNPL facility is a riba-free, 0% interest programme that will contribute to merchants’ businesses in several ways. To note, riba is a concept in Islamic finance that refers to the interest charged on loans or deposits.
Specifically, merchants who sign up for the programme will have access to thousands of Atome’s pre-approved consumers with a maximum spending limit of RM5,000. On top of that, Atome’s BNPL app will also run tactical campaigns to drive its users to PayHalal’s merchant base for shariah-compliant products and services. With this, participating merchants can have increased exposure to an extensive customer base, thereby growing both their businesses and revenue.
PayHalal also shared that several top brands have already been onboarded into the programme, including Zurich Takaful, Celcom, Misz Nina, Catal Queen, and Halal Development Corporation Berhad. “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,” it further said.
Additionally, PayHalal noted that registrations can be done either online or through PayHalal’s on-ground roving team. Online registrations can be completed within 30 minutes with immediate approval, whereas on-the-ground registrations will cater primarily to the needs of offline merchants.
The director of sales at PayHalal, Azhani Azman commented that this iBNPL facility will propel Malaysian businesses to a new level due to the great benefits of its features. “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, adding that he expects this programme to catch on quickly especially during the Ramadan month.
The head of strategic partnerships of Atome, Jeremy Wong also shared a similar sentiment. “Every merchant who signs up on PayHalal will benefit from Atome’s zero-interest programme, technology strength, and marketing prowess. For Muslim consumers, this means they can shop using iBNPL knowing that their purchase is shariah-compliant,” he said.
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