Abu Dhabi-based consumer technology group Astra Tech has launched a new service called ‘Send Now, Pay Later’ (SNPL) through its Botim Ultra app.
SNPL is part of Astra Tech’s growing fintech ecosystem which has seen a steady increase in transaction volumes. Following the success of its expanded remittance services in 2023, Astra Tech aims to capture a larger share of the UAE’s remittance market.
The service targets the UAE’s large expatriate workforce, allowing them to send money abroad and pay it off later in instalments, giving them more flexibility during cash-tight periods such as end of month.
Abdallah Abu Sheikh, founder of Astra Tech and CEO of Botim, said: “By leveraging advanced trust infrastructure, we are offering our users a faster and more accessible way to send money. This service gives millions of our users the flexibility to more effectively manage their financial obligations while providing ongoing support to their families abroad.”
Botim’s Services
Botim’s financial services, including international remittances and bill payments, now feature SNPL, eliminating the need for upfront payments. In the first five months of 2023, UAE banks processed AED 6.74 trillion in remittances, with countries such as India, Egypt and Pakistan being major beneficiaries. SNPL is expected to make this process easier for the UAE’s expat community.
The launch of SNPL is part of Astra Tech’s broader goal to increase financial inclusion in the region, following which the company received a financial company license through Quantix, a financial services provider licensed by the UAE Central Bank to offer credit solutions such as SNPL and pay later (BNPL).
Ahead of the official launch, Botim will open pre-registration for its 9 million users, allowing early adopters access to the new service with flexible payment terms.