Fintech startup PayLater approved for entry into Qatar Central Bank sandbox program

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Doha, Qatar: Qatar’s leading alternative payment provider, PayLater, has been awarded entry into Qatar Central Bank’s exclusive sandbox program, marking the beginning of a new era for consumers in Qatar to take advantage of unprecedented financial flexibility.

PayLater is a ‘buy now pay later’ (BNPL) solution that enables the instant purchase of goods and services while allowing shoppers to pay in four installments over a period of three months, empowering individuals to manage their finances more effectively and responsibly.

With zero interest or fees, the Sharia-compliant financial model is emerging as one of the foremost payment mechanisms in the world, attracting merchants and customers across the globe.

Khalifa Al Haroon (pictured), co-founder and chairman of PayLater, said:“Following a rigorous application process that verified our security systems and controls to ensure customer and merchant protection, we are proud to be named an Authorized FinTech Sandbox Participant from the Qatar Central Bank."

"This step affirms our commitment to safeguarding customer information and transactions, while also providing a smooth and seamless user experience.”

The sandbox program is a framework that regulates the development of the fintech industry and allows startups to try their product with a limited number of merchants to ensure an optimised experience.

The global market for BNPL solutions is booming. Growth of such short-term installment loans is expected to hit $960 billion by 2026, up from $433 billion in 2022, according to a study by Deloitte.