UAE-based expats sending money to their families every month can soon avail of a new remittance service.
Tech company Astra Tech has launched the MENA region’s first-ever ‘Send Now, Pay Later’ (SNPL) service via its Botim Ultra app.
The innovative service allows users to transfer money internationally instantly, with deferred payments, marking Botim as the first fintech in the region to offer this solution.
The SNPL service builds on Astra Tech’s growing fintech ecosystem, which has seen rapid increases in transaction volumes.
This launch positions Astra Tech to capture a larger share of the UAE’s multi-billion-dirham remittance market, following the success of its remittance services expansion in 2023.
Catering primarily to the UAE’s large expatriate population, the SNPL feature offers financial flexibility, allowing users to send money abroad and pay in installments.
The service aims to ease financial pressures during high-demand periods such as the end of the month.
Astra tech head says new service on Botim app will be a “game-changer”
Abdallah Abu Sheikh, founder of Astra Tech and CEO of Botim, said, “SNPL is a game-changer for millions of users, providing them with a faster and more accessible way to manage remittances and their financial obligations.”
Botim’s remittance services, introduced in 2022, have processed trillions of dirhams in transfers, benefiting economies such as India, Egypt, and Pakistan.
SNPL, supported by Astra Tech’s acquisition of a finance company license through Quantix, further enhances these capabilities by providing credit solutions.
Botim’s nine million users will be invited to pre-register for the SNPL service ahead of its official launch.