UAE based proptech start-up Keyper, has officially announced a Rent Now Pay Later (RNPL) service, meaning Dubai residents can pay their rent monthly with their credit card. Traditionally, rent in Dubai has been paid with post-dated cheques (usually between one and six, depending on the landlord) over a 12-month period.
Keyper will now make it easier for tenants to manage their finances by spreading their rent payments over 12 months while earning reward points from their credit card. Landlords also have the option, through the Keyper Investor App, to receive an upfront payment for the annual rent at a discounted rate, which gives them immediate access to cash flow while eliminating their default risk.
“Traditional cheque payments are outdated, prone to errors, and do not provide a good user experience for tenants or landlords” Omar Abu Innab, co-founder and CEO of Keyper, said. “We have designed our RNPL service to address these pain points and to enable our customers, tenants and landlords, to better manage their finance with ease.”
RNPL will launch in July 2023 and will be a first-of-its-kind offering in Dubai.Keyper has plans to expand across the rest of the UAE, namely Abu Dhabi, but it will only be available in Dubai for the foreseeable future.
The average cost to rent an apartment in Business Bay and Downtown Dubai underwent price hikes of nearly 68% during Q1 2023, according to a new report by property portal Bayut.
