Dubai Residents Can Now Enjoy Monthly Credit Card Rental Payments with New Startup Platform
Dubai residents can bid farewell to the hassle of upfront rent payments, thanks to a new “rent now pay later” service that offers convenient monthly rent payment options. The launch of this service by proptech startup Keyper comes as a huge relief for many expats who previously had to pay their rent in advance using cheques.
The CEO of Keyper, Omar Abu Innab, highlighted the outdated nature of cheque payments, stating, “Cheques are archaic – it’s the 21st century. The only time you actually use your chequebook is to pay your rent or deposit of the rent.” With the new service, residents can now make their rental payments through credit cards, and in the future, direct debit will also be available.
This service not only eases the financial burden on Dubai residents but also helps with wealth and debt management. It enables tenants to pay their rent as soon as their salary is credited, using Keyper’s simplified platform.
The benefits of this service extend to both tenants and landlords. While tenants can align their rental payments with their monthly salary, landlords can experience improved tenant retention rates and reduced default rates. The option for tenants to pay their rent in 12 monthly installments reduces the risk of late or missed payments. Landlords also have the option to receive an upfront payment for the annual rent at a discounted rate, ensuring immediate cash flow and eliminating default risks associated with cheques.
Previously, tenants in Dubai had to commit to one, two, or four cheque payments for their one-year tenancy contracts. This new rental payment service offers greater financial flexibility by allowing tenants to spread their rent payments over the course of 12 months. Once tenants accept their monthly rent, they will be digitally onboarded to the Tenant Dashboard, where they can easily track payments, add new credit cards, and access their tenancy contract.
Keyper’s CEO emphasized that the service is interest-free, avoiding the premium usually associated with one or four cheque payments. While some landlords may prefer upfront payments, the flexibility of 12 monthly payments benefits both tenants and landlords in terms of convenience and reduced risk.
The service will be initially available for new tenancy contracts, as adjustments need to be made to accommodate the “rent now pay later” terms. The official launch of the service is scheduled for July 2023 and will be the first of its kind in Dubai. Although Keyper plans to expand across the UAE, including Abu Dhabi, the service will initially be available exclusively in Dubai.
With this innovative service, Dubai residents can enjoy the convenience and financial flexibility of monthly credit card rental payments, bidding farewell to the cumbersome process of cheque payments. The “rent now pay later” service not only benefits tenants but also provides advantages to landlords, ultimately creating a win-win situation for both parties involved.
For more updates and information on Dubai’s real estate market, visit PropertyGuru.ae, your trusted source for all property-related news in the UAE.