Dubai: Tenants can soon rent now, pay later

Abu Dhabi: A United Arab Emirates (UAE)-based startup has announced a ‘Rent Now, Pay Later (RNPL)’ scheme for Dubai residents. The launch is scheduled for July this year, local media reported.

The real estate investment management platform Keyper will allow tenants to pay their annual rent in monthly installments using a credit card.

Rents in Dubai are usually paid with one to six post-dated cheques, two to 12 months in advance.

Keyper, is offering rent-specific funding support for up to 12 months.

“Tenants can pay with their credit card or debit card and they can also benefit from reward points or miles,” Omar Innab, co-founder and chief executive of Keyper, told The National

“Over time, we’re working on a solution where it can work on direct debit as well. So on a monthly basis, the platform will automatically deduct the amount from your bank account,” Innab added.

The Rent Now Pay Later model is an extension of the Buy Now Pay Later (or BNPL) macrofinance that started in the UAE with consumers looking to make mid-range purchases.