Botim Launches MENA's 1st 'Send Now, Pay Later' Service
This feature enables users to send money internationally with instant transfers while deferring payments, making Botim the first fintech in the MENA region to offer such a solution.
Astra Tech, a consumer technology holding group based in Abu Dhabi, has launched the "Send Now, Pay Later" (SNPL) service through its Botim Ultra App. This feature enables users to send money internationally with instant transfers while deferring payments, making Botim the first fintech in the MENA region to offer such a solution.
Designed for the UAE’s large expatriate workforce, SNPL offers financial flexibility, allowing users to send money abroad and pay later in installments. This feature is beneficial during financially demanding periods, such as month-end.
In the first five months of 2023, AED 6.74 trillion ($1.84 trillion) was processed in remittances from the UAE, benefiting economies like India, Egypt, and Pakistan.
The launch aligns with Astra Tech’s mission to expand financial inclusion in the region, following their acquisition of a Finance Company License through Quantix, a financial service provider licensed by the Central Bank of the UAE. Quantix offers a variety of credit solutions, including SNPL and Buy Now, Pay Later (BNPL).
Ahead of the official rollout, Botim will introduce a pre-registration form for its 9 million users, inviting early adopters to access instant remittance transfers and flexible payment terms.
Recently, Astra Tech unveiled Palm Pay during the Dubai Fintech Summit. Developed under their CBUAE-licensed fintech subsidiary PayBy, Palm Pay introduces a contactless palm recognition service, the first of its kind in the UAE and the wider region