Shariah-compliant payment firm partners with Atome for BNPL service

Malaysia-based PayHalal, a shariah-compliant payment firm, has partnered with Singaporean buy now, pay later (BNPL) platform Atome to offer installment options across the former’s merchant touchpoints.

The service will initially be available only in Malaysia and will roll out in Indonesia within the coming months, the companies said in a joint statement.

Atome CEO David Chen / Photo credit: Atome

With the partnership, the company can now let buyers defer their purchases into three zero-interest installments with no annual or servicing fees.

“This partnership with Atome will broaden the payment experience across thousands of point-of-sale checkouts, with the right assortment of payment options, throughout PayHalal’s merchant network,” said Muhammad Sulwan Mohamed Subhan, acting CEO of PayHalal.

PayHalal’s platform allows merchants – those that offer halal products and services – to complete transactions that are free of riba (interest), maysir (gambling), and gharar (uncertainty).

According to the company, online merchants on PayHalal have seen an increase in average sales by 14%.

Meanwhile, Atome partners with online and offline retailers in Singapore, Indonesia, Malaysia, Hong Kong, Taiwan, Vietnam, Thailand, mainland China, and the Philippines. Its key merchant partners include Shein, Agoda, Zalora, Sephora, and Zara.

See Also: Southeast Asia’s biggest buy now, pay later players (update)

Atome recently partnered with Fomo Pay, plugging the Singapore-based fintech firm into its BNPL services.