Rent Now, Pay Later scheme for residents in Dubai, permitting payment of annual rent in monthly installments using credit card

'Rent now, pay later (RNPL)' is a programme being offered to Dubai residents by a start-up in the UAE. The programme, which is scheduled to go live in July this year, would allow residents to pay their annual rent in equal monthly installments using a credit card.

Typically, rent in Dubai is paid in one to six postdated checks, two to twelve months in advance. Tenants will be able to spread out their rent payments over a 12-month period thanks to the new RNPL platform from digital real estate investment management platform Keyper.

According to Walid Shihabi, co-founder and CSO of Keyper, explained that the platform will charge tenants a premium to pay their rent in 12 installments. The actual amount depends on the number of payments that the landlord expects.

The platform provides a new rate to the renter so they may pay in 12 installments. Shihabi explained, "Once the renter accepts the offer, we get in touch with the landlord and secure their legal consent to provide this service.

The RNPL gives landlords the option of receiving their rent up front in a single payment. They are eligible for discounted upfront payment. "With or without their tenant accepting a Keyper RNPL offer, the landlord may take advantage of this offer."

There are no additional costs for the landlord if the tenant accepts the RNPL offer but the landlord rejects the advance rent. In this scenario, tenants would pay in 12 installments (each with a greater surcharge), and the landlord would get the rent according to the initial payment period, which might be either four or six months.

Once everyone is on board, the contract is digitally signed, and the tenant's payment card information is taken. The renter will have access to a customised dashboard with email and SMS payment reminders once the lease is live. Through dashboards, tenants may keep track of their payments, add new credit cards, and read their leasing agreements.

The business is concentrating on new leases and lease renewals currently.