In an effort to lessen the financial strain on Dubai residents, the UAE-based digital real estate investment management platform Keyper has officially unveiled a Rent Now Pay Later (RNPL) service.
Tenants will be able to use a credit card to pay their yearly rent in equal monthly installments under this arrangement.
According to Keyper, it will be simpler for tenants to manage their money and have a hassle-free rental experience while accumulating reward points on their credit cards.
According to the business, when it debuts in Dubai in July, RNPL will be a first-of-its-kind service. It also stated that this product was created to address the region’s present demands for tenants and landlords.
By spreading their rent payments over 12 months instead of the current 1-to-4 checks market typical, where they pay 3-to-12 months in advance, tenants will benefit from greater financial flexibility.
The tenant’s credit card will be debited monthly rent, ensuring prompt payment. A tenant will go through a brief approval procedure after agreeing to the new monthly rent and will then be digitally onboarded to the tenant dashboard.
Through their customized Tenant Dashboard, tenants will be able to conveniently track their payments, add new credit cards, and read their leasing contract, it was stated.
On the new service, Omar Abu Innab, Co-Founder & CEO of Keyper, said: “We recognize that Dubai is ready to leapfrog other global hubs by enabling tenants to digitize their rental experience and align it to the tenants’ income schedules. Traditional check payments are outdated, prone to errors, and do not provide a good user experience for tenants or landlords.”
“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,” he noted.
Keyper said that its RNPL solution has advantages for both landlords and tenants.
Landlords may see increased tenant retention rates and decreased default rates by allowing renters to pay their rent in 12 installments. The risk of missed or late payments is decreased by the hassle-free monthly rent payments made using the renters’ credit cards.
“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,” explained Innab.
Keyper is currently starting a waitlist for renters to join, giving them the chance to participate in their pilot scheme. Keyper will be able to offer both tenants and landlords a top-notch experience thanks to this phased strategy, he continued.