UAE consumers could soon be paying off school or medical bills on ‘Buy Now Pay Later’ – and on 0%

UAE consumers could soon be paying off school or medical bills on ‘Buy Now Pay Later’ – and on 0%

Dubai: Not just for shopping, UAE consumers could soon pay off their medical or education bills in monthly instalments… at zero interest. If they do, it could mean savings in the thousands of dirhams each year – and these days, each saved dirham counts. Yes, the ‘Buy Now Pay Later’ could soon show up quite forcefully in helping clear off those bills too. It was last year that the payment option emerged as a viable option for UAE consumers to pick up goods on credit… and not have to worry about the credit card charges. A handful of BNPL platforms/apps rushed to fill the market need and at a time when shoppers were being extremely careful with their spend patterns following the COVID-19 outbreak and the resultant hit on the economy and jobs. “We believe the world has gone through a fundamental change and consumers are looking at their spending differently,” said Ammar Afif, founder of cashew, one of the popular BNPY fintech platforms in play. “Healthcare and education are two categories that should garner more interest for BNPL.” Industry sources say that school bills are usually paid through credit cards, and more so these days, given the safety guidelines