Which payment methods does the PayHalal gateway support for BNPL?

Question

Accepted Answer

The PayHalal gateway supports ShopBack PayLater for buy-now-pay-later transactions.

The partnership between ShopBack and PayHalal enables customers to make payments through ShopBack's app via a deferred payment scheme facilitated by PayHalal's payment gateway. This gateway is designed to support a variety of payment methods, explicitly including ShopBack PayLater. This integration allows merchants and brands to offer interest-free instalment payments to their customers, aligning with the principles of Islamic finance.
ShopBack PayLater Integration

Under the strategic partnership, PayHalal's gateway facilitates payments through ShopBack's application. This mechanism allows customers to utilise ShopBack PayLater as a deferred payment option. The integration aims to provide shoppers with Shariah-compliant buy-now-pay-later (BNPL) solutions, making transactions convenient and aligned with Islamic financial values.
Support for Deferred Payments

The PayHalal payment gateway is equipped to handle a range of payment methods, with a specific mention of ShopBack PayLater. This functionality allows merchants and brands to extend the convenience of interest-free instalment payments to their clientele. This feature is central to the offering of BNPL solutions within the framework of Islamic finance.
Growth in the BNPL Market

The collaboration between ShopBack and PayHalal taps into a rapidly expanding global BNPL market. Projections indicate significant growth, with a compound annual growth rate of 22 per cent expected to propel the market to US$122.19 billion by 2030. This growth is partly driven by consumer preference for BNPL over traditional credit cards, due to factors like straightforward payment schedules, simple approval processes, and the absence of interest fees.

Reading history

Hide →

This history is cleared when the page is closed.

Which payment methods does the PayHalal gateway support for BNPL?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

2

0

0

Share with friends