Abu Dhabi Islamic Bank, the emirate’s biggest Sharia-compliant lender, has teamed up with Dubai-based digital payments provider Spotii to launch a virtual buy-now-pay-later (BNPL) prepaid card in the UAE.
The announcement comes as the market for payments by instalment on e-commerce purchases continues to grow around the world.
Customers can use the virtual card to make in-store and online purchases and spread out the buying cost across flexible instalment options with zero-financing rates and no hidden fees, the lender said on Wednesday.
ADIB customers can access the Spotii virtual prepaid card through the Spotii mobile app. The service is free of charge and will allow them to load money on to their Spotii virtual prepaid card account to fund purchases.
The BNPL business model, which allows consumers to make online purchases and spread out their payments over interest-free instalments, has boomed since the onset of the Covid-19 pandemic as more people switched to shopping online.
By 2025, the industry is expected to grow 10 to 15 times its current volume, topping $1 trillion in annual gross merchandise volume by some estimates, according to a report by New York data research consultancy CB Insights.
The business model is booming, with services such as Sweden’s Klarna, US-based Affirm and Australia’s Afterpay offering flexible financing to consumers, according to the 2020 Global Payments Report by payment processor Worldpay Group.
“The e-commerce industry is at an all-time high and we expect the growth to continue at full speed as consumers demand more convenience and immediacy in their shopping experiences,” said Philip King, global head of retail banking at ADIB.
We want to address the demands and expectations of our customers who want to immediately indulge on their purchases, while allowing them the flexibility to spread payments over time
Philip King,
global head of retail banking at ADIB
“Through our partnership with Spotii, we want to address the demands and expectations of our customers who want to immediately indulge in their purchases, while allowing them the flexibility to spread payments over time.”
The BNPL prepaid card will provide an alternative to customers who do not have credit cards or those who want a cheaper option with no additional fees or financing costs, Mr King said.
“Buy now pay later is witnessing significant growth globally and the UAE is a key market driving this evolution in the region,” Ziyaad Ahmed, chief operating officer and co-founder of Spotii, said.
“The rapid digital adoption has accelerated the need to provide new innovative solutions to both merchants and consumers alike.”
Australia’s Zip, a global BNPL platform, bought Spotii for $16.25 million in May this year.
In addition to Spotii, there are a number of BNPL players vying for a share of the Middle East market, including Postpay, Cashew, Tabby and Tamara.
In August, ADIB became the first UAE lender to use facial recognition for account opening.
The lender also launched Amwali, a digital-only bank to tap the UAE’s growing segment of tech-savvy youths. The bank will sign up Generation Z youths between the ages of eight and 18 through a smartphone app that comes with a debit card that can be connected to Apple Pay and other mobile wallets.
MO
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 5.0-litre V8
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Benefits of first-time home buyers' scheme
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: Two permanent-magnet synchronous AC motors
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Torque: 849Nm
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
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Price: from Dh229,900 to Dh355,000
RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
List of alleged parties
May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff
May 20, 2020: They attend 'bring your own booze party'
Nov 27, 2020: PM gives speech at leaving party for his staff
Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson
Dec 13, 2020: PM and his wife throw a party
Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters
Dec 15, 2020: PM takes part in a staff quiz
Dec 18, 2020: Downing Street Christmas party
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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