Shariah-Compliant Payment Gateway PayHalal Offers BNPL Platform With Atome

buy now pay later

PayHalal, the Malaysian, Shariah-compliant payment gateway, is letting merchants participate in a buy now, pay later (BNPL) shopping facility, a report said Monday (April 4).

This will be riba-free and have 0% interest. Riba refers to interest charged on loans or deposits in Islamic finance.

Merchants who sign up with PayHalal will be able to benefit from that in partnership with Atome, which will offer preapproved consumers with a maximum 5,000 Malaysian ringgit ($1,200) spending limit.

PayHalal said the program will provide merchants with sustainable income by generating traffic to their webstores and storefronts, making use of top brands.

In a joint statement, PayHalal and Atome said the campaign “has already kickstarted with special promotions offering the first 786 merchants free setup for the PayHalal payment gateway, which has been preloaded with an approved iBNPL facility.”

And Azhani Azman, director of sales for PayHalal, said the program will offer Malaysian businesses a way to improve their businesses.

“iBNPL offers merchants complete market access to shoppers looking to make the most of their budget,” he said in the same statement.

PayHalal reportedly forecast 8.61 billion Malaysian ringgit ($2 billion) in payment processing volume and 135 million ringgit ($32 million) in revenue for the next financial year, the report said.

PYMNTS wrote that in other BNPL news, Klarna has completed its purchase of PriceRunner, the comparison-shopping service.

See also: Klarna Closes Deal on PriceRunner Acquisition

The merger means PriceRunner will add new features to the Klarna app like product discovery, price comparisons and customer reviews to help shoppers save time and money, while adding to their ability to make informed decisions.

Klarna also said PriceRunner’s retail cohorts will benefit from increased website traffic.

“The acquisition will serve to strengthen our consumer offering,” said David Fock, Klarna’s chief product officer, in a statement. “Klarna will not be a marketplace but a viable and competitive alternative for retail partners versus Amazon, Google and Facebook.”