Latest news with #PayLater
Qatar Tribune
8 hours ago
- Business
- Qatar Tribune
QIB partners with PayLater to introduce Shari'a-compliant BNPL solutions in Qatar
Tribune News Network Doha Qatar Islamic Bank (QIB), Qatar's leading digital bank, has signed a Business Partnership with PayLater, a Qatari fintech company specialising in Buy Now, Pay Later (BNPL) solutions. This partnership introduces, for the first time, a shari'a-compliant BNPL solution by a Qatari fintech, which enables customers to make purchases through flexible installment plans, promoting financial inclusion and supporting the growth of Qatar's digital economy. The partnership brings together QIB's trusted banking expertise and PayLater's fintech innovation to offer seamless, shari'a-compliant financial solutions tailored to the evolving needs of consumers and merchants in Qatar. Aligned with QIB's sustainability agenda and the Qatar Central Bank's (QCB) strategy to encourage collaboration between banks and fintech companies, the collaboration reinforces QIB's commitment to expanding digital financial services while supporting the local fintech ecosystem. Commenting on the partnership,QIB General Manager – Wholesale Banking Group Tarek Fawzi said, 'Our partnership with PayLater represents a strategic milestone in QIB's mission to revolutionize financial services by integrating innovation and accessibility, in line with Qatar Central Bank's strategy to support the collaboration between banks and fintech companies. We are pleased to be at the forefront of Innovation in Islamic banking thru our partnership with PayLater, which represents a strategic milestone for QIB, this is in addition to extending our support to Qatari start-ups specialised in technology in line with Qatar National Vision 2030. By joining PayLater's fintech expertise, we are enhancing our offering with tailored, customer-centric solutions that empower individuals and create new growth opportunities for merchants, reinforcing our role as a leading digital bank.' PayLater Co-founder and Managing Partner Mohammed Al Delaimi said, 'We are delighted to start this valued partnership with Qatar Islamic Bank to introduce BNPL solutions in Qatar. These solutions are transforming how consumers manage their finances while offering merchants new avenues to grow their business. Our partnership with QIB highlights the potential of collaborations between finTechs and banks to create customer-centric solutions that redefine the financial landscape inQatar.'
Zawya
18 hours ago
- Business
- Zawya
QIB and PayLater introduce Shari'a-compliant BNPL solutions in Qatar
Doha, Qatar – Qatar Islamic Bank (QIB), Qatar's leading digital bank, has signed a Business Partnership with PayLater, a Qatari fintech company specializing in Buy Now, Pay Later (BNPL) solutions. This partnership introduces, for the first time, a shari'a-compliant BNPL solution by a Qatari fintech, which enables customers to make purchases through flexible installment plans, promoting financial inclusion and supporting the growth of Qatar's digital economy. The partnership brings together QIB's trusted banking expertise and PayLater's fintech innovation to offer seamless, shari'a-compliant financial solutions tailored to the evolving needs of consumers and merchants in Qatar. Aligned with QIB's sustainability agenda and the Qatar Central Bank's (QCB) strategy to encourage collaboration between banks and fintech companies, the collaboration reinforces QIB's commitment to expanding digital financial services while supporting the local fintech ecosystem. Commenting on the partnership, Mr. Tarek Fawzi, QIB's General Manager – Wholesale Banking Group, said: 'Our partnership with PayLater represents a strategic milestone in QIB's mission to revolutionize financial services by integrating innovation and accessibility, in line with Qatar Central Bank's strategy to support the collaboration between banks and fintech companies. We are pleased to be at the forefront of Innovation in Islamic banking thru our partnership with PayLater, which represents a strategic milestone for QIB, this is in addition to extending our support to Qatari start-ups specialized in technology in line with Qatar National Vision 2030. By joining PayLater's fintech expertise, we are enhancing our offering with tailored, customer-centric solutions that empower individuals and create new growth opportunities for merchants, reinforcing our role as a leading digital bank.' Mr. Mohammed Al-Delaimi, Co-founder and Managing Partner of PayLater, said: 'We are delighted to start this valued partnership with Qatar Islamic Bank to introduce BNPL solutions in Qatar. These solutions are transforming how consumers manage their finances while offering merchants new avenues to grow their business. Our partnership with QIB highlights the potential of collaborations between finTechs and banks to create customer-centric solutions that redefine the financial landscape in Qatar.' For more information, please visit
New Straits Times
2 days ago
- Business
- New Straits Times
Buy Now, Pay Later should not be the default way to survive
LETTERS: The first time using Buy Now, Pay Later (BNPL) felt harmless. Three easy payments for a pair of shoes. No interest, no hassle, no guilt. But that mindset is exactly what gets so many young people into trouble. From 2020 to 2025, more than 5,189 Malaysians under the age of 34 were declared bankrupt. Most of them were between 25 and 34, an age group that should be building their financial future. This is not just a statistic. It reflects a growing reality for many young adults trying to manage life's expenses with limited income and increasing pressure to spend. With BNPL so widely available and heavily promoted, it's no surprise that more people are relying on it. The recent Consumer Credit Bill passed in Parliament shows how urgent the problem has become. The new law introduces the Consumer Credit Commission to oversee BNPL and other non-bank credit providers. It's a step in the right direction, but the fact that it's needed at all speaks volumes. BNPL is appealing because it feels light — no upfront payments, interest-free instalments, and fast approval. But the catch comes later, quietly. Miss one instalment and there's a penalty. Miss a few, and the debt grows without warning. Penalties between RM10 and RM50 might not sound like much, until they keep stacking up. What began with one small item turns into four or five ongoing commitments. BNPL encourages impulse decisions. The thought process is no longer "can I afford this," but "can I split this". Bank Negara Malaysia reports that most users earn below RM3,000 a month. For many, even one missed payment affects rent, food or transport. BNPL has helped some low-income families afford essentials like baby formula and groceries, especially during difficult times. That's understandable. But it shouldn't become the default way to survive. In the first half of 2025 alone, Malaysians spent RM9.3 billion through BNPL. Some RM121 million of that is overdue. The numbers aren't slowing down. What's worrying is how normalised it has become. Not just for emergencies or needs, but for clothes, gadgets and online shopping sprees. These habits can lead to ongoing debt that feels manageable at first but becomes overwhelming over time. Regulation helps. But awareness matters more. Many still don't fully understand the risks they're taking. Educational institutions should do more to teach students about managing their money. Financial literacy is a skill that needs to be taught and cultivated early, not learned after it has become a problem. BNPL is not the enemy. But without control, it turns into a cycle that's hard to break.
Yahoo
5 days ago
- Business
- Yahoo
Wix expands PayPal tie-up for streamlined merchant payments
a SaaS website builder platform, has expanded its collaboration with PayPal to offer more online payment options to merchants via Wix Payments in the US. The integration allows merchants to manage their PayPal transactions alongside other payment activities through a single dashboard, simplifying the administrative aspects of running an online business, such as handling chargebacks, tracking payouts, and generating reports. Additionally, the partnership enables merchants to offer their customers a wider range of payment methods, including PayPal's own Pay Later (BNPL) service and Venmo. The funds from purchases made using the PayPal wallet will be deposited directly into the merchant's Wix Payments account. PayPal will also serve as a Payment Service Provider within the Wix Payments system, overseeing card processing functions. Wix Payments is currently available to merchants based in the US, with plans for a broader roll-out 'over time'. Wix Payments co-heads Amit Sagiv and Volodymyr Tsukur said: 'By bringing PayPal under the Wix Payments umbrella, we gain significantly more control over the user experience and how PayPal's products are delivered to our merchants. 'This deeper integration allows us to improve conversion, offer more value, and drive stronger profitability, while giving our users a faster, more unified checkout flow.' PayPal small business & financial services vice president and general manager Michelle Gill stated: 'By embedding PayPal's most popular payment methods—like PayPal Wallet and PayPal Pay Later—directly into the Wix Payments experience, we're not just enhancing checkout. 'We're enabling merchants to get paid quickly, manage everything in one place, and unlock new ways to serve their customers and scale their business.' In January, Wix partnered with Worldline, a Paytech company, to provide small and medium enterprises with access to localised payment and banking solutions. "Wix expands PayPal tie-up for streamlined merchant payments " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Sun
21-07-2025
- Business
- The Sun
New BNPL regulations in Malaysia to prevent debt traps
KUALA LUMPUR: The Consumer Credit Commission (CCC) is set to enforce a new regulatory framework for Buy Now, Pay Later (BNPL) schemes to safeguard consumers from excessive debt and potential bankruptcy. Deputy Finance Minister Lim Hui Ying announced the measures during the second reading of the Consumer Credit Bill 2025 in the Dewan Rakyat. Under the upcoming rules, BNPL providers must conduct debt affordability assessments before approving loans. 'This assessment ensures borrowers can repay without severe financial strain,' Lim said. The CCC will monitor compliance, ensuring companies adhere to these checks. Currently, most BNPL loans remain below bankruptcy thresholds. Transparency is another key focus. Providers must clearly disclose fees and credit terms before offering services. 'Consumers deserve full awareness of their financial commitments,' Lim added. The government also plans to enhance financial literacy to help users make informed decisions. Malaysia's BNPL market is growing fast, with 16 active providers. SPay Later, Atome, and GrabPay Later dominate, holding over 95 per cent of the market. The new regulations aim to balance industry growth with consumer protection. – Bernama
