BNPL, Lendtech to Dominate

EghtesadOnline: Digital banking professional say innovative credit services, namely lendtech and BNPL (buy now and pay later), will dominate Iran's fintech ecosystem this year, thanks to the galloping inflation.

News ID: ۷۵۲۱۹۸

21 January 2023

Digital banking professional say innovative credit services, namely lendtech and BNPL (buy now and pay later), will dominate Iran's fintech ecosystem this year, thanks to the galloping inflation.

The issue was discussed at a meeting in Tehran on ways and means to improve innovation in the key banking/payment industries.

Mohammad Farjoud, head of Bank Tejarat's Technology Holding Company, referred to clients increasing need for credit.

"Services aimed at expanding credit to users are expected to gain traction. We are concentrating on a new service that provides users with credit at the point of purchase," way2pay quoted Farjoud him as saying.

He called for concerted efforts to boost fintech platforms aimed at financing large numbers of businesses in need.

"Banking and payment technologies are making rapid progress and using their solutions is crucial," he said. "This is indeed creating a major shift in the role of stakeholders in the banking ecosystem."