DUBAI, September 06 - Leading technology retailer, Jumbo Electronics has partnered with Spotii, a tech-enabled payments platform to offer Buy Now Pay Later facility for Jumbo customers.
Buy Now, Pay Later (BNPL) offerings have recorded strong growth over the last four quarters across key countries in the Middle East, [i] spurred by the pandemic as consumers and merchants alike look to offer convenient payment options. Popular among Millennials and Gen Z, BNPL plans help shoppers manage their finances as it gives them the flexibility to spread payments, especially for high ticket value purchases, across multiple installments at no costs. Merchants get the benefit of better conversion rates and improved ticket size.
Spotii is a Dubai-based fintech that launched its shop now, pay later platform in the UAE last year. With Spotii, customers can spread their purchase over 4 cost-free installments using any debit or credit card. The plan can be set up and approved instantly, so there’s no extra waiting or calls to the bank. Payments are automatically scheduled so customers don’t need to re-enter card details.
For Jumbo customers, using Spotii is easy. Customers can download the Spotii app and register their details or scan the Spotii QR code unique to Jumbo Electronics and pay via the app. Customers can pay 25% of the purchase amount in-store and the other instalments are scheduled later. Spotii is available across all of Jumbo’s stores in the UAE including the recently opened store at City Centre Zahia, Sharjah.
Pankaj Kumar, Head of Multi-Channel Retail at Jumbo Group, said: “As one of the UAE’s most trusted retailers, we are committed to offering superior experience and customized benefits. Customers across all segments want to see greater flexibility in the purchase journey and the BNPL concept is a natural evolution of this need. Spotii offers a proven and dynamic solution for our customers to purchase products at accessible cost solutions.”
Ziyaad Ahmed, Co-founder & COO Spotii said: “Spotii was built to support the region’s ecommerce ecosystem and grow a vibrant community based on people and trust. Redefining ecommerce, we provide business owners with a proven and dynamic conversion strategy that also enhances customer loyalty. We’re excited to bring our payment solutions to a partner like Jumbo, whose helped evolve the retail business across the UAE for many years. Our aim is to bring the best check-out experience to Jumbo’s diversified customer base.”