Cashew Payments, a UAE-based buy-now, pay-later company that is challenging the current credit environment, is releasing a new product that will revolutionise how customers pay offline. Cashew Payments has put forth the effort to provide merchants with a payment method that is significantly faster than other payment methods. Customers can use the QR code to provide some basic information and obtain fast confirmation of a payment plan.
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.”
Through a three-step sign up at the point of sale, the fintech startup has introduced a QR-code based experience that allows users to acquire credit approval instantly. They see the codes as beneficial to both businesses and consumers; the instant and contactless customer touchpoints will allow all walk-in customers to scan the code, register, and choose to split their payments on the spot, while the codes will aid merchants in digitally advancing and enhancing their customers’ shopping experience.
Since the launch, more merchants have signed up to offer this smarter way to shop in-store, with names like Clinica Joelle in Dubai and Abu Dhabi, Bomb Cosmetics, which has a number of locations, including one recently opened in Dubai Mall, Champs Gym in Al Quoz, and Royal Enfield Clinic Dubai on Al Wasl Road joining the list. All retailers are encouraged to provide their consumers with consumer-friendly payment options to cash and credit cards, according to the fintech startup.