PayHalal Taps Atome for Islamic BNPL Services in Malaysiaby Fintech News Malaysia October 1, 2021 0 comments
Shariah-compliant payment gateway PayHalal has partnered with Buy Now Pay Later platform Atome, to enable seamless Murabaha buy now pay later (iBNPL) acceptance across the former’s merchant touchpoints in Malaysia.
Murabaha is also known as cost-plus financing, an Islamic financing structure in which the seller and buyer agree to the cost and markup of an asset. A murabaha is not an interest-bearing loan as the markup takes place of interest which is illegal in Islamic law.
By partnering Atome to introduce iBNPL across PayHalal’s merchant touchpoints, shoppers will now have access to a flexible, convenient and secure payment option that allows them to split their purchases into three zero-interest deferred payments, with no annual or servicing fees.
PayHalal said that it plans to roll out the iBNPL acceptance in Indonesia in the coming months.
Muhammad Sulwan Mohamed Subhan, acting Chief Executive Officer of PayHalal said,
“The pandemic-driven shift towards online shopping has created an urgent need for Muslim retailers and businesses to improve and enhance the ecommerce user experience.
This partnership with Atome will broaden the payment experience across thousands of point-of-sale checkouts, with the right assortment of payment options, throughout PayHalal’s merchant network.”
David Chen, CEO of Atome said,
“We’re excited to partner PayHalal to expand seamless Murabaha buy now pay later acceptance first in Malaysia before rolling out in Indonesia in the coming months.
This partnership will enable Muslim retailers and businesses to provide a seamless and superior checkout experience for their consumers as we emerge from the Covid-19 pandemic,”
Featured image: Edited from Unsplash