Shariah-compliant payment gateway, PayHalal, announced that it has partnered Asia’s leading buy now pay later platform, Atome, to enable seamless Murabaha buy now pay later (iBNPL) acceptance across PayHalal’s merchant touchpoints first in Malaysia, before rolling out to Indonesia in the coming months.
The COVID-19 pandemic has accelerated the shift for Malaysian shoppers to adopt digital payment options. 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. This further enhances the shopping and payment experience of shoppers, and supports Muslim retailers and businesses with increased sales amid the pandemic.
Launched in 2018, PayHalal is the world’s first Shariah-compliant (Islamic) payment gateway. By offering PayHalal as a payment gateway, merchants are certified to offer products and services that are halal for consumption. This allows them to tap on the growing Muslim population and complete transactions that are free of riba (interest), maysir (gambling), and gharar (uncertainty). Online merchants on PayHalal have seen an increase in average sales by 14%.
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.”
“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,” said David Chen, CEO of Atome.