New interest-free credit service Postpay launched in Dubai
Dubai-based entrepreneur Tariq Sheikh has launched an interest-free, no-fee credit service for online shoppers.
Dubai-based entrepreneur Tariq Sheikh has launched an interest-free, no-fee credit service for online shoppers, writes Jane Connolly.
TradeArabia reports that Postpay aims to boost sales conversions and basket sizes by offering shoppers the chance to pay in four instalments.
Postpay’s advanced technology accesses credit risk following a quick sign-up procedure, in which customers supply just their name, phone number, Emirates ID number and payment details.
“We are very excited to launch Postpay in the UAE, not only as the first ‘buy now, pay later’ product in the region but also as a proudly localised product tailed for the GCC with no interest and no transaction fees,” Sheikh says. “We are shifting the cost economics from our increasingly discerning customers, who are at the core of our offering, to the retail merchants to whom we also provide true value.”
Approved customers pay the first instalment immediately, followed by three fortnightly payments. The Klarna-style service aims to offer an alternative to the region’s strong cash on delivery culture for online payments.
