Spotii – A Zip Pay Company, and leading tech-enabled payments platform officially launches Buy Now and Pay Later payment solution in the Kingdom of Bahrain, under the CBB Regulatory Sandbox. Spotii provides customers a new intuitive budgeting tool that allows them to split their purchase over 4 interest-free payments. The launch is inline with their vision to build a connected, engaging and passionate experiential payments ecosystem across the MENA region and beyond.
Prior to the official announcement, Spotii signed several major strategic partnerships with local key enterprises to test under the CBB’s regulatory sandbox including YK Almoayyed, Zayani Motors, Bin Hindi Informatics, Alsalam Gas, Homiez, Wafi Apps, AJM Kooheji group as their in-store and online BNPL providers.
Spotii has established an extensive merchant footprint across the GCC and MENA, with access to over 1,000+ merchants including the UAE and KSA. The platform is planning to announce new GCC locations in the upcoming months.
Using Spotii is simple! A customer goes to their favorite store, completes a simple digital sign-up process that requires users to simply enter their email, debit or credit card, and a mobile number. Users are approved instantly. Once approved, users can start to split their purchases over four cost-free installments anywhere Spotii is accepted. The service is always free for customers as Spotii earns revenue by charging the merchant. When it comes to merchant onboarding, the platform goes a step further. Spotii undertakes planned co-marketing initiatives to provide tailored support to all merchants on the platform and help them increase their brand visibility.
Fahad Kazim, General Manager of Spotii – Bahrain, commented, “Spotii’s mission is to empower customers and enable them to enjoy their shopping experience without worrying about excessive costs and hidden fees. At the same time, our platform supports customer acquisition and revenue growth for business owners – it’s a win-win. Merchants in the GCC have seen as much as a 50% increase in average order value, 60% increase in conversion and a 30% lower refund rate since employing Spotii. As today’s youth continues to demand more flexibility and convenience, we are excited to work with a partner that shares our values and is committed to addressing the needs of a new generation of shoppers. AFS’s footprint and payments expertise will allow us to grow our community centered on people and trust.”
Earlier this year, in June, Spotii was acquired by Zip Co, which is amongst the largest BNPL providers globally. Zip is a publicly listed servicing 10M customers in 13+markets.
