According to the announcement, this service allows users to send money internationally with immediate transfers while postponing the payment. The SNPL service builds on Astra Tech's growing fintech ecosystem, which has driven significant increases in transaction volumes every quarter. Astra Tech aims to capture a significant portion of the UAE’s multi-billion-dirham remittance market through SNPL.
Flexible remittance solution
This service is designed to benefit the UAE’s large expatriate community, which makes up a large part of the population, by offering greater financial flexibility. SNPL enables users to send money abroad and pay for it later in manageable installments, providing relief during financially tight periods, such as the end of the month.
Officials from Botim stated that the introduction of 'Send Now, Pay Later' is a key milestone for Botim and Astra Tech. By utilising advanced credit infrastructure, its giving users a quicker and more convenient way to send remittances. This service offers millions of people the ability to better manage their financial responsibilities while continuing to support their families overseas.
Botim's financial services, including international transfers and bill payments, are now enhanced by SNPL, eliminating the need for upfront payments. In just the first five months of 2023, AED 6.74 trillion was transferred from the UAE, benefiting countries like India, Egypt, and Pakistan. SNPL is set to make these transfers even easier, easing financial pressure on expatriate workers.
About Astra Tech
Astra Tech is a consumer technology holding group in the MENA region, focused on transforming everyday services through its Ultra app. The group’s portfolio includes PayBy, Rizek, Botim, and Quantix. The Ultra app, developed under Botim, operates in 155 countries and serves over 150 million users, providing secure VoIP calling and integrated services such as international money transfers, bill payments, and UAE visa services. Astra Tech is committed to advancing technology and enhancing user experience across the region.
