Cashew Payments, the UAE-based buy now, pay later provider that is challenging the current credit ecosystem, is launching a product that will change the way customers pay offline. The fintech company has launched a QR-code-based journey, that allows consumers to get credit approval instantaneously, through a three-step sign-up at the point of sale. They see the codes as a benefit to both businesses and consumers; the instant and contactless customer touchpoints will allow all walk-in customers to scan the code, register, and opt to split their payments on the spot, while in turn, the codes assist merchants in digitally advancing and enhancing its consumers’ shopping experience.
Cashew Payments has invested resources, to allow them to offer merchants a payment method that is considerably faster than other payment registrations. The QR code allows customers to submit some basic details and receive instant confirmation of a payment plan, without the need to create an account.
Co-founder of cashew, Ibtissam Ouassif commented, “It is important for us as a company to provide a platform for people to make responsible and safe lending decisions. The QR codes have been introduced as we understand the importance of online and offline shopping experiences, it is essential for us to be where our consumers are and to offer them a hassle-free BNPL experience. We’re particularly excited that the launch of the QR codes opens new avenues for us to work with healthcare facilities such as clinics and gyms, and we’re looking forward to exploring other opportunities this brings.”
Since the launch, there has been an increase in merchants wanting to provide their customers with this smarter way to shop in-store, with brands such as Clinica Joelle in Dubai & Abu Dhabi, Bomb Cosmetics, who have a number of stores with one recently opened in Dubai Mall, Champs Gym in Al Quoz, and Royal Enfield Clinic Dubai on Al Wasl Road signing up to offer this option. The fintech company encourages all merchants to offer their customers consumer-friendly payment alternatives to cash and credit cards.