BNPL Cashew Payments taps into travel and tourism sector
Cashew Payments, a ‘Buy Now, Pay Later’ (BNPL) provider in the region, has partnered with Sandy Beach Hotel & Resort in Fujairah to offer UAE residents the ultimate staycation option without breaking the bank. This new partnership is the first of its kind for Cashew, providing customers with further flexibility and financial opportunity to increase their purchasing power at checkout.
Cashew noticed a large number of residents staying in the UAE over the summer and wanted to provide them with a staycation option that will assist those looking for a getaway without paying the hotel price upfront. This partnership came into fruition after realising that customers are searching for further lending options, not just retail solutions but holiday options too.
In a statement to SME10X, Ibtissam Ouassif, the Co-Founder of Cashew, said, “This is a new industry collaboration for Cashew Payments, however it is not the first time a BNPL has partnered with a hotel. We continue to diversify ourselves by expanding our offerings into different industries as well as providing further lending options to residents of the UAE in different forms, alleviating any financial burdens that may have occurred.”
According to Ouassif, Cashew will be exploring further in to the tourism and leisure sectors, as they continue to expand their merchant network across more industries, including furniture, education and healthcare, leisure and tourism will be a part of this.
Cashew offers consumers financing such as BNPL in order to enable people to better manage their finances as an alternative to traditional credit options. With a 53 percent BNPL penetration across the region, Cashew is meeting the consumer demand for the ease and convenience that BNPL offers and presenting this offering beyond the retail sector that BNPL traditionally targets.