UAE’s Botim launches ‘send now, pay later’ remittance service
Service allows users to send money with instant transfers while deferring payment
Dubai: UAE-based voice and video call service Botim launched a send now, pay later (SNPL) remittance service on Thursday. Abu Dhabi-owned Astra Tech, Botim's parent company, introduced the service, which allows the calling app’s 9 million users to send money internationally with instant transfers while deferring payments. Botim has introduced a pre-registration form for its 9 million users ahead of the official rollout.
“Users can send money abroad and pay later in manageable instalments, providing much-needed relief during financially demanding periods, such as month-end,” the company said in a statement.
Astra Tech expanded its remittance services in 2023 and said it has “strategically positioned SNPL to capture a substantial share of the UAE’s multi-billion-dirham remittance market.”
“The SNPL offers UAE’s large expatriate workforce enhanced financial flexibility,” Astra Tech said.
Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim, said, “The launch of 'Send Now, Pay Later' marks a pivotal moment for Botim and Astra Tech. By leveraging advanced credit infrastructure, we’re offering users a faster, more accessible way to send remittances. This service gives millions of users the flexibility to manage their financial obligations more effectively while continuing to support their families abroad."
Launched in 2022, Botim’s financial services include international transfers and bill payments. In the first five months of 2023 alone, Dh6.74 trillion was processed in remittances from the UAE, which benefits economies like India, Egypt, and Pakistan.
In April this year, Abu Dhabi Islamic Bank (ADIB) signed a partnership with Astra Tech to provide users nationwide with access to financial services on the Botim Ultra app.
As per the agreement, ADIB and Botim will collaborate to develop user-friendly pathways for Botim users to access ADIB services and products through their app.