Regional buy-now-pay-later (BNPL) platform Atome has introduced a Shariah compliant BNPL service in partnership with Islamic payment gateway HalalPay as the Singaporean firm looks to strengthen its Malaysian play.
PayHalal and Atome have already onboarded the likes of the Halal Development Corporation, Zurich Takaful and Celcom onto their Riba-free Islamic BNPL (iBNPL) program.
“With the launch of iBNPL, the Atome program is now available to all PayHalal merchants. Every merchant who signs up on PayHalal will benefit from Atome’s zero-interest program, technology strength and marketing prowess. For Muslim consumers, this means they can shop using iBNPL knowing that their purchase is Shariah compliant,” said Jeremy Wong, Atome’s head of strategic partnerships. “This is the first of many such initiatives to deepen our commitment in Malaysia. We will be adding the Malay language option on our Atome app soon and roll out our local campaigns. We will also grow our operations across more cities in Malaysia by the end of the year.”
The campaign is offering 786 merchants free set-up for the PayHalal payment gateway, which has been pre-loaded with an approved iBNPL facility, available to pre-approved consumers with a RM5,000 (US$1,187.07) spending limit. Merchants can be onboarded online in 30 minutes with an immediate approval or through PayHalal’s on-ground roving team, which will be mobilized to assist offline merchants. Through the iBNPL program, PayHalal will also be offering business support in the form of digital marketing and training for physical stores looking to digitalise their businesses.
The Malaysian Islamic payment gateway is expecting RM8.61 billion (US$2.04 billion) in payment processing volume and RM135 million (US$32.05 million) in revenues in the 2023 financial year.