Astra Tech’s fintech ecosystem has seen a huge increase in transaction volumes quarter-on-quarter, and the new SNPL feature follows the success of the company’s expanded remittance services in 2023.

Expatriates form a significant portion of the UAE’s workforce. SNPL offers these residents, in particular, enhanced financial flexibility to send money overseas and pay later in manageable installments. In the first five months of 2023 alone, Dh6.74 trillion was processed by Botim in remittances from the UAE, highlighting the importance of the service.

Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim, commented: “The launch of ‘Send Now, Pay Later’ marks a pivotal moment for Botim and Astra Tech. By leveraging advanced credit infrastructure, we’re offering users a faster, more accessible way to send remittances. This service gives millions of users the flexibility to manage their financial obligations more effectively while continuing to support their families abroad.”

Also Read: A Guide To Digital Payment Methods In The Middle East

The launch of Botim Ultra’s SNPL service aligns with Astra Tech’s mission to expand financial inclusion across the MENA region. The fintech startup has already acquired a Finance Company License through Quantix, a financial service provider licensed by the Central Bank of the UAE. Quantix provides various credit solutions, including SNPL and Buy Now, Pay Later (BNPL).

Ahead of the official rollout of SNPL services, Botim will open pre-registration to its more than 9 million users, allowing early adopters to benefit from instant remittance transfers with flexible payment terms.

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PalmPay, a system devised by developers Astra Tech, uses contactless biometric palm recognition technology. It allows users to hover their hand over a payment terminal to make a payment, just like in a sci-fi movie.

“The rollout of the PalmPay technology is planned to happen gradually throughout 2024,” Abdallah Abu Sheikh, founder of Astra Tech, explained. “We currently have a certain number of machines which will be used for testing purposes within the local market infrastructure [ensuring] complete readiness for scaling to over 50,000 PayBy merchants throughout the year,” Sheikh added.

PayBy is a popular UAE payment platform and fintech subsidiary of Astra Tech. The company also has plans to integrate the palm recognition technology with banks “in the future”, enabling users to link their accounts with it.

PalmPay will be free for users who will be able to register using their devices at special point-of-sale terminals. In the future, palm authentication will be integrated into apps, allowing customers to update their accounts with palm prints through an authentication feature on their phones.

Also Read: A Guide To Digital Payment Methods In The Middle East

Astra Tech says the technology is more secure than traditional card payments and is not limited to specific industries or sectors. The company believes PalmPay will work especially well in high-volume sectors such as retail stores and could significantly speed up the checkout experience during busy times.

Aside from the wow factor, PalmPay is said to be a “cost-effective solution” for merchants and could help “financial inclusion for the unbanked population”, Astra Tech explained.

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The new service will help to avoid the hassle of currency conversion, integrating the Alipay cross-border payment platform with Astra Tech’s PayBy merchant network.

When the system goes live later this month, over 1.4 billion wallet users will be able to make seamless transactions in their home currencies in 3,000 retail establishments and make speedy payments for trips in Abu Dhabi’s fleet of 7,000 taxis.

“Our milestone collaboration with Alipay aligns perfectly with the UAE’s commitment to enhancing the payment ecosystem and fostering a commerce-friendly environment,” explained Abdallah Abu Sheikh, co-founder of Astra Tech and chief executive of Botim.

The new service will primarily cater to tourists from China, South Korea, the Philippines, Thailand, Malaysia, Singapore and Italy. However, anyone who signs up for an Alipay, MPay, Kakao Pay, GCash, TrueMoney, and Tinaba e-wallet can enjoy the service.

The Astra Tech and Ant Group partnership will facilitate speedy settlement processes and smooth mobile-based transactions through Alipay in physical and online settings. Meanwhile, both Alipay and PayBy plan to expand the service to further boost spending from Asian and European visitors.

Also Read: A Guide To Digital Payment Methods In The Middle East

“Our alliance with Astra Tech not only opens the doors to a seamless and integrated digital payment experience at physical stores in the Middle East, but also propels us towards a new era of strategic collaboration,” said Guoming Cheng, Ant Group’s general manager of Europe and the Middle East.

The UAE is the Middle East’s second-largest economy and has begun investing heavily to expand its tourism sector. In May, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced that tourism sector spending had risen 70% to Dh121 billion ($33 billion) in 2022 — the highest in the region.

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