Qatar’s innovative payment solutions provider, PayLater, has been granted access to the prestigious sandbox program of the Qatar Central Bank, heralding a significant shift in the financial landscape for consumers in Qatar.
This development marks a major milestone for the company, signaling increased financial flexibility and consumer empowerment in the region.
PayLater offers a “buy now, pay later” (BNPL) service that allows consumers to make immediate purchases and pay for them in four equal installments over three months.
This service aims to enhance the financial management capabilities of individuals by providing them with a responsible and flexible payment option without incurring interest or fees.
Additionally, PayLater’s service adheres to Sharia law, aligning with the financial ethics and principles prevalent in the region.
The recognition by the Qatar Central Bank as an Authorized FinTech Sandbox Participant comes after a thorough review process.
The sandbox framework is designed to support the development of the fintech industry by permitting startups to test their products with a select group of merchants, ensuring that both security and user experience are optimized before wider implementation.
Khalifa Al Haroon, co-founder and chairman of PayLater, emphasized the company’s dedication to security and customer service. He said:
Following a rigorous application process that verified our security systems and controls to ensure customer and merchant protection, we are proud to be named an Authorized FinTech Sandbox Participant from the Qatar Central Bank.
He added that this step “affirms our commitment to safeguarding customer information and transactions, while also providing a smooth and seamless user experience.”
The global market for BNPL solutions is experiencing rapid growth. According to a Deloitte study, the sector is expected to expand from $433 billion in 2022 to $960 billion by 2026.
PayLater’s entry into the Qatar Central Bank’s sandbox program not only boosts its profile but also positions it advantageously within this burgeoning market, offering significant opportunities for expansion and innovation in financial services.
