Qatar's fintech sector growth accelerated by QNV 2030: Al-Delaimi

02/05/2025 02:46 AST

Qatar's fintech sector has seen remarkable growth over the past five years, driven by the government's Qatar National Vision 2030, which prioritizes digitalization and a cashless economy, Mohammed Al-Delaimi, CEO and Co-Founder of PayLater, Qatar's first fully licensed Buy Now, Pay Later (BNPL) platform has said.

"The QCB's fintech strategy, including a five-year roadmap for innovations like blockchain, AI, and open banking, has created a fertile environment for startups like PayLater. Additionally, initiatives like the $1 billion fund announced at Web Summit 2024 and the establishment of six tech-focused funds in 2025 signal robust support for Qatar's tech ecosystem," Al-Delaimi noted.

He added that these elements-government vision, central bank strategy, and funding-have been critical to the success of the fintech sector in the country.

PayLater secured its license from the Qatar Central Bank (QCB) on the last day of Ramadan, marking a significant milestone for the company and the country's financial ecosystem.

According to him, PayLater's journey began with a clear mission: to alleviate financial stress for Qatar's residents by offering a flexible, interest-free payment solution. The platform allows customers to split purchases into four equal installments without hidden fees, distinguishing itself from traditional credit cards and bank-offered BNPL services that often carry interest charges.

"Our goal is to provide a tool that reduces financial strain, whether it's a parent planning a vacation, a student buying a laptop, or a tech enthusiast upgrading their phone," Al-Delaimi explained. By charging merchants instead of consumers, PayLater ensures a transparent and cost-free experience for users.

The idea for PayLater was sparked by the QCB's introduction of a BNPL framework, which Al-Delaimi and his co-founders saw as a golden opportunity.

"We came together as entrepreneurs to seize this moment," he said, noting that the team's personal experiences with financial management fueled their passion. The platform's rapid adoption underscores its relevance: within 40 days of launching, PayLater recorded 70,000 app downloads, with 60,000 users completing registration and 12,000 making transactions across 120 partner stores, including well-known retailers like Fnac, Jarir Bookstore, Carrefour, and IKEA.

Unlike other BNPL providers, PayLater is selective about its partnerships, focusing on sectors like travel, car insurance, and retail to encourage responsible spending. "We're not signing up with grocery stores where purchases are frequent," Al-Delaimi emphasized. "Our solution is about helping customers manage significant expenses, not piling up debt." This approach aligns with PayLater's commitment to financial wellness, ensuring users can regulate payments without overextending themselves.

PayLater's differentiation lies in its customer-centric features. Users can shop online, scan QR codes in-store, or pay via links sent by merchants.

The platform also offers flexibility in managing installment dates, allowing users to align payments with their salary schedules at no extra cost. Looking ahead, PayLater plans to introduce a marketplace feature by September, offering cashback rewards and loyalty points to enhance the user experience.

"We're gamifying the customer journey to make it engaging," Al-Delaimi said, highlighting the strategic timing to coincide with the back-to-school season.

The company's partnership with Qatar Islamic Bank (QIB), one of the country's largest Islamic banks, further strengthens its position. QIB serves as the lending partner, ensuring compliance with BNPL regulations while boosting consumer trust. This collaboration, combined with PayLater's integration with SkipCash's online payment infrastructure, positions the company for significant growth in Qatar and potentially across the MENA region.

Al-Delaimi envisions a future where fintech solutions like PayLater become integral to Qatar's financial landscape, offering tools for budgeting, investing, and wealth management. "In five years, I see bank accounts seamlessly integrated with startup solutions, empowering customers to make smarter financial decisions," he predicted.

He added that with digital banks and investment apps gaining traction in the MENA region, PayLater aims to set a benchmark for user-friendly, innovative services.

As Qatar continues to embrace digital transformation, PayLater stands out as a pioneer, blending convenience, transparency, and financial empowerment. With ambitious plans to expand its offerings and deepen its market presence, the company is poised to redefine how Qataris shop, pay, and thrive in an increasingly digital world.

The Peninsula