Al Salam Bank has launched its 'Buy Now, Pay Later' (BNPL) service for its debit cardholders, following the success of its installment payments for its credit cardholders in November last year. 

 

The fully automated, instant, and seamless service allows clients to settle their payments in installments within a specific time frame defined by the digital application through the analysis of the client's financial obligations using artificial intelligence.

 

Clients can benefit from this service for transactions ranging from BD100 ($265) and above using their debit cards, and selecting repayment periods of 3, 6, 9, 12, 18, or 24 months, providing them more flexibility and ease when paying for their purchases.

 

Activation

To activate the service, clients must have received their monthly salaries with Al Salam Bank for at least three months. They also have to select a transaction conducted over the previous 7 days through the digital application and pay a service fee of BD11 only for tenures up to 1 year or BD22 to benefit from the service for a period exceeding a year. 

 

This amount is paid for each separate transaction to immediately initiate the service, confirm eligibility, and determine the payment plans available to the client according to their financial obligations.

 

Mohammed Buhijji, Head of Retail Banking at Al Salam Bank, said: "Al Salam Bank adopts a digital-first mindset aiming to enhance and simplify the banking experience by offering innovative and convenient services. We always strive to provide the best banking solutions that reduce the financial burdens of our valued clients, which led us to expand the range of beneficiaries of the "Buy Now, Pay Later" service. This allows our clients to pay for purchases in installments and better control their expenses and budgets through easy and immediate digital steps. We hope that this service will contribute to making Al Salam Bank accounts the preferred and ideal choice while also providing the best digital banking service."-- TradeArabia News Service