Astra Tech, the UAE’s leading consumer technology holding group, has unveiled ‘Send Now, Pay Later’ (SNPL) via its Botim Ultra App.
The first-of-its-kind service enables users to send money abroad with instant transfers, while deferring payments. This makes Botim the first fintech in the MENA region to introduce such a groundbreaking solution, reinforcing its position in the region’s financial technology landscape.
Building on Astra Tech’s rapidly evolving fintech ecosystem, SNPL propels exponential growth in transaction volumes quarter-on-quarter. Astra Tech is strategically positioning SNPL to capture a significant share of the UAE’s multi-billion-dirham remittance market, following the successful expansion of remittance services in 2023.
SNPL is designed to cater to the needs of the UAE’s diverse expat workforce, providing enhanced financial flexibility. Users can send money internationally and pay later in manageable installments. This eases pressure during financially challenging periods, such as month-end.
Abdallah Abu Sheikh Founder – Astra Tech and CEO – Botim
“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 and 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.”
Launched in 2022, Botim’s financial services, including international transfers and bill payments, are now enhanced with SNPL, removing the financial strain of upfront payments. In the first five months of 2023 alone, the UAE processed Dh6.74 trillion ($1.82 trillion) in remittances, which benefits economies like India, Egypt, and Pakistan.
The launch falls in line with Astra Tech’s mission to enhance financial inclusion in the region. This follows the successful acquisition of Finance Company License through Quantix, a financial service provider licensed by the Central Bank of the UAE. Quantix now provides a suite of credit solutions, such as SNPL and Buy Now, Pay Later (BNPL).
Prior to its official rollout, Botim will introduce a pre-registration form for its 9 million users, inviting early adopters to benefit from instant remittance transfers and flexible payment terms.
