A unique local fintech start-up has been launched by Dubai-based entrepreneur and ex-Strategy consultant Tariq Sheikh to provide straightforward financial products to customers who love to shop online, for absolutely no extra cost.

 

The postpay is a payment service that uses advanced technology applied to credit risk to offer short-term products to eligible customers without the need to fill out long applications or make lengthy calls. 

 

This allows shoppers to receive purchases instantly and ‘post’ pay them in 4 installments - guaranteed no interest and no transaction fees, said a statement from the company which is operating from The Gate District in DIFC. 

 

Customers pay nothing more than their purchase amount. Through this postpay helps customers satisfy instant gratification at absolutely no extra cost. While providing great value to customers, postpay also provides true value to retail-merchants by increasing conversion rates & sales, average basket size and customer penetration - all with no added risk to the retail merchant, stated postpay.

 

The new service also recognizes the important role it plays in the region by positively educating shoppers away from the strong regional CoD culture towards online payments. 

 

"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 localized product tailored for the GCC with no interest and no transaction fees," remarked Sheikh. 

 

"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," said the postpay founder. 

 

The screening process is performed in split seconds, in real-time using postpay’s advanced technology applied to credit risk ensuring an incredible customer experience, he added.

 

According to Sheikh, the customers simply select postpay as their payment method on checkout at partner retailers, first-time customers enter a couple of details including phone number, name, Emirates ID number and of course their payment details.

 

"If the customer is approved, they pay the first installment immediately, receive their order as normal and pay the remaining three installments fortnightly (every two weeks)," he added.-TradeArabia News Service