FINTECH and payments provider Adumo said this week that it had partnered with TymeBank to extend the newly-launched MoreTyme payment offering to small and medium enterprises (SMEs) in South Africa.
MoreTyme is a buy-now-pay-later (BNPL) payment service that offers consumers a three-instalment, interest-free payment option at the point of sale.
BNPL is a payment method offered at the point-of-sale or online that provides consumers with interest-free instalment payments.
Paul Kent, the chief executive at Adumo, said: “The past 18 months have seen a transformation in the local payments landscape, with new contactless and cashless payments and alternative credit solutions transforming the retail landscape.
“Our new partnership with TymeBank will now extend the benefits of MoreTyme to small and medium enterprises across South Africa, giving them an exciting new tool for driving greater revenue and footfall at their stores.”
TymeBank chief executive Tauriq Keraan said: “MoreTyme is the modern way for customers to pay for goods. It is a fully digital experience and provides customers with a smart option for immediately receiving their goods while spreading their cashflows over a 60-day period through an interest-free facility.”