Cashew Becomes Region's First 360-Degree Instant Payment And Digital Finance Solution
Cashew, the region’s first 360-degree instant payment and digital finance platform has launched operations in the UAE and Saudi Arabia with a full range of ‘Buy Now Pay Later’ (BNPL) options. Backed by a US $5 million investment, the platform has been developed to support merchants and service providers to increase their sales, and give consumers greater purchasing power with simple, fast, transparent and cost-effective payment solutions during the or online checkout process.
Platform Innovation and Market Focus
The App& web-based platform, built over 2 years with US$5 million already invested in its technology, addresses gaps in the current market where other BNPL products rely heavily on existing consumer credit products. Cashew’s instant payment and digital finance solution adds no additional burden to debts the consumer may already have on existing credit lines. Both conventional and Shariah-compliant, the point-of-sale financing options being introduced to the region empower consumers with more liquidity and higher purchasing power.
Key Features and Benefits
As part of its core offering, the platform provides a full suite of no-interest, flexible, and transparent solutions at the lowest rates to consumers:
- Consumers can seamlessly choose to split payments into instalments or simply delay them to up to 14 days, all without any hidden fees.
- Merchants and service providers are paid in full upfront and don’t assume any risk.
- The data-centric approach helps create a robust ecosystem of banks, financial institutions, government agencies, and consumer-facing businesses.
Strategic Partnerships across Sectors
Aside from retailers, cashew is forming partnerships across major sectors, including:
- Healthcare
- Education
- Retail
- Travel
- Home improvement
- Entertainment
Vision and Regional Expansion
Cashew founder Ammar Afif is betting on the huge potential of digital platforms as a disruptor to traditional financing, with FinTech being one of the biggest business growth sectors in the MENA region. Regarding the launch, Afif stated: “Merchants and service providers are facing increasing challenges while consumers are demanding more payment flexibility and security in payment options that cater to their needs.” Currently, the UAE and Saudi Arabia are cashew’s launch markets with a planned roll-out to countries across the Gulf during 2021.
Platform Data Summary
- Investment: US $5 Million
- Development period: Built over 2 years
- Launch Markets: UAE and Saudi Arabia
- Payment flexibility: Delay up to 14 days or split into instalments
- Compliance: Conventional and Shariah-compliant
