Spotii, a leading global Buy Now, Pay Later (BNPL) company, has officially launched the tech-enabled payment platform in Bahrain, under the Central Bank of Bahrain’s (CBB) Regulatory Sandbox.
The launch in Bahrain comes in line with the vision of Spotii to build a connected, engaging and passionate experiential payments ecosystem across the Middle East and North Africa (MENA) region and beyond.
Spotii has established an extensive merchant footprint across the GCC and MENA, with access to over 1,000 merchants in the UAE and Saudi Arabia. The platform is planning to announce new GCC locations in the upcoming months. Last year, Spotii was acquired by Zip, a global BNPL leader.
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’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 percent increase in average order value, 60 percent increase in conversion and a 30 percent 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.”
In order to use the platform, a customer needs to go to their favorite store, complete a simple digital sign-up process that requires their email, debit or credit card, and a mobile number. 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.