Shariah-compliant payment gateway PayHalal is now offering merchants participation in its inaugural iBNPL facility jointly offered with buy now, pay later (BNPL) platform Atome.
This Islamic BNPL program offered by PayHalal and Atome seeks to provide merchants with sustainable income by generating traffic to their webstore and storefronts.
Merchants who sign up with PayHalal can now benefit from the free, 0% interest Riba program as well as thousands of Atome’s pre-approved consumers with a maximum RM 5,000 spending limit.
Registration can be completed online in 30 minutes with immediate approval or with PayHalal’s on-ground roving team, which will be mobilized to assist offline merchants.
Atome will be driving campaigns to drive the app’s users to PayHalal’s merchant base for halal and Syariah-compliant products and services.
The BNPL player added that it will be adding the Malay language option in its app soon ahead of its local campaigns roll out.
On top of helping merchants gain exposure to a wider segment of consumers, PayHalal is also offering them additional benefits that include business support in the form of digital marketing and training for physical stores looking to digitalize their businesses.
PayHalal said that it is aiming to reach RM8.61 billion in payment processing volume and RM135 million in revenue by 2023.
Azhani Azman, Director of Sales at 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. With the festive shopping period coming ahead of the Hari Raya celebrations, this is the perfect time for shoppers and merchants to maximize their benefits from the festive sales. This partnership will also see additional perks and discounts provided to new merchants onboarded during this period.”
Jeremy Wong, Head of Strategic Partnerships, Atome, shared, “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.
Originally published on www.fintechnews.my