Dubai residents will soon have the convenience of paying their rent in monthly installments. Due to a new initiative by UAE based start up Keyper. The platform, called Rent now, Pay later (RNPL)’, aims to simplify the rental process and provide flexibility for tenants. Here’s how it works.
Join the Pilot Program
Keyper is launching a pilot program, and tenants have the opportunity to sign up for the waitlist. Limited spots are available for tenancies starting in July 2023. Furthermore, tenants outside of Keyper’s network can also join the waitlist. As the program progresses, the company plans to gradually include more participants in the pilot program.
Simplifying the Rental Process
the traditional method of paying rent in Dubai through postdated cheques is being replaced by Keyper’s RNPL platform. This innovative solution offers a seamless and user-friendly experience for both tenants and landlords. By enabling monthly rent payments through credit cards, Keyper aims to enhance tenant retention rates and mitigate the risk of defaults.
Post-Dated Cheques
Traditionally, tenants in Dubai pay their rent in advance using post-dated cheques spanning one to six months. With Keyper’s RNPL platform, tenants can spread their annual rent over 12 monthly installments.
Pay with a Credit Card
Keyper allows tenants to pay their rent using a credit card, making the process even more convenient.
Flexibility Comes at a Premium
To avail themselves of the 12-month installment plan, tenants will be charged a premium. The amount of the premium depends on the number of payments the landlord expects. For example, if the annual rent is AED 100,000 and would typically be paid in four cheques, Keyper would offer the tenant a 12-month payment plan of AED 105,000, equivalent to AED 8,750 per month.
Landlord Options
Landlords can choose to receive the full rent upfront at a discounted rate. Alternatively, they can stick to the original payment terms and accept 12 installments from the tenant.
Digital Process
Once the tenant accepts the RNPL offer, Keyper connects with the landlord to obtain legal approval. The contract is signed digitally, and the tenant’s credit card details are collected. Tenants gain access to a personalized dashboard where they can track payments, set up reminders, and manage their tenancy contract.
Early Contract Termination
In case a tenant needs to terminate their contract before its term ends. Industry standard notice periods and cancellation fees agreed upon at the signing of the contract will apply.
No Credit Impact
It is important to note that RNPL is not a loan and does not impact tenants’ credit scores or debt load. Keyper offers a payment solution that allows tenants to benefit from the convenience of 12 monthly installments.
With the introduction of Keyper’s RNPL platform, Dubai residents can eagerly anticipate a significantly more convenient and flexible method of paying their rent.
