DUBAI: A digital real estate investment management platform based in the UAE has launched a new service called Rent Now Pay Later (RNPL).
The service aims to reduce the financial burden on Dubai residents by allowing them to pay their annual rent in monthly installments using a credit card. With the launch scheduled for July, RNPL is expected to be the first of its kind in Dubai.
Designed by tech firm KEYper, the RNPL service aims to meet the needs of tenants and landlords in the region.
The payment approach offers financial flexibility to tenants by allowing them to spread their rent payments over 12 months instead of paying 3-to-12 months in advance as per the market standard.
Monthly rent will be charged to the tenant’s credit card, ensuring timely payment. Tenants will be able to track their payments, add new credit cards, and access their tenancy contracts through their personalized Tenant Dashboard.
The RNPL service also benefits landlords by improving tenant retention rates and reducing default rates. Landlords can receive an upfront payment for the annual rent at a discounted rate through the Keyper Investor App.
Omar Abu Innab, Co-Founder & CEO of Keyper, said that the RNPL service is designed to enable customers to manage their finances with ease better.
Traditional check payments are outdated, prone to errors, and do not provide a good user experience for tenants or landlords.
The phased approach to launching the RNPL service will allow Keyper to provide a high-quality experience for all tenants and landlords.
KEYper has launched a waitlist for tenants to sign up, allowing them to join their pilot program.
The company expects the RNPL service to be a game-changer in the Dubai rental market by enabling tenants to digitize their rental experience and align it with their income schedules.
