Astra Tech, a leading consumer technology holding group based in Abu Dhabi, UAE, has introduced a first-of-its-kind service in the UAE: “Send Now, Pay Later” (SNPL) via its Botim Ultra App.
This new service allows users to send money internationally with instant transfers, while deferring payments, making Botim the first fintech in the MENA region to offer such a solution — further solidifying its pioneering role in the region’s financial technology landscape.
Botim Ultra App
SNPL’s builds on the rapid growth of Astra Tech’s fintech ecosystem, which has fueled exponential increases in transaction volumes quarter-on-quarter.
Following the success of its expanded remittance services in 2023, Astra Tech is strategically positioning SNPL to capture a substantial share of the UAE’s multi-billion-dirham remittance market.
Designed to support the UAE’s large expatriate workforce, which constitutes a significant part of the country’s growing population, SNPL offers enhanced financial flexibility. Users can send money abroad and pay later in manageable installments, providing much-needed relief during financially demanding periods, such as month-end.
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 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.”
Botim’s financial services
Introduced in 2022, Botim’s financial services, including international transfers and bill payments, are now enhanced with SNPL, removing the burden of upfront payments. In the first five months of 2023 alone, Dh6.74 trillion was processed in remittances from the UAE, which benefits economies like India, Egypt, and Pakistan. SNPL will further ease these transfers, reducing financial strain on the workforce.
The launch aligns with Astra Tech’s mission of expanding financial inclusion in the region. This follows their acquisition of a Finance Company License through Quantix, a financial service provider licensed by the Central Bank of the UAE. Quantix offers a range of credit solutions, including SNPL and Buy Now, Pay Later (BNPL).
Ahead of the 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.
tanvir@dubainewsweek.com
