Astra Tech, the leading consumer technology holding group in the UAE, has announced the launch of a revolutionary feature, ‘Send Now, Pay Later’ (SNPL), through its Botim Ultra App. This innovative service allows users to send money abroad instantly while deferring payments, making Botim the first fintech company in the MENA region to offer such a groundbreaking solution. This development further solidifies Botim’s position within the evolving financial technology landscape of the region.
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Transforming Remittance Services
The introduction of SNPL is part of Astra Tech’s expanding fintech ecosystem and is expected to drive significant growth in transaction volumes each quarter. With this new feature, Astra Tech aims to capture a substantial share of the UAE’s lucrative multi-billion-dirham remittance market, following the successful expansion of its remittance services in 2023.
Meeting the Needs of Expats
Designed specifically for the UAE’s diverse expatriate workforce, SNPL enhances financial flexibility by allowing users to send money internationally while paying in manageable installments. This innovative approach alleviates the financial burden during challenging times, such as the month-end when many individuals face cash flow constraints.
Visionary Leadership
Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim, expressed the significance of this launch: “The introduction of ‘Send Now, Pay Later’ is a pivotal moment for Botim and Astra Tech. By leveraging advanced credit infrastructure, we’re providing users with a faster and more accessible method for sending remittances. This service offers millions the flexibility to manage their financial obligations more effectively while continuing to support their families abroad.”
A Proven Market
Since its inception in 2022, Botim has continually expanded its financial services portfolio, which includes international transfers and bill payments. The launch of SNPL marks a key enhancement to these services, eliminating the need for upfront payments. Notably, in the first five months of 2023, the UAE processed a staggering Dh6.74 trillion ($1.82 trillion) in remittances, benefiting economies in countries like India, Egypt, and Pakistan.
Commitment to Financial Inclusion
The launch aligns with Astra Tech’s mission to enhance financial inclusion across the region. This initiative follows the successful acquisition of a Finance Company License through Quantix, a financial service provider approved by the Central Bank of the UAE. Quantix is now poised to offer a range of credit solutions, including SNPL and Buy Now, Pay Later (BNPL) options.
Pre-registration for Early Adopters
Prior to the official rollout, Botim plans to introduce a pre-registration form for its 9 million users, inviting early adopters to take advantage of instant remittance transfers and flexible payment options. This proactive step underscores Astra Tech’s commitment to ensuring that its users are among the first to benefit from this transformative financial service.
