What Qpay does

Qpay is Oman's first Buy Now, Pay Later (BNPL) fintech platform, launched in 2022 and operated by Fintech Solutions LLC. The company enables consumers to split retail purchases into two, three, or four interest-free monthly installments through an iOS mobile application, while merchants receive full upfront payment and Qpay manages installment collection from end users. The platform targets two primary segments: Omani consumers seeking flexible payment options without incurring interest, and merchants (retailers, e-commerce platforms, and businesses) seeking to offer installment payment options to increase conversion and average order value.

The technical platform is built on a REST API architecture authenticated through RSA-SHA256 cryptographic signatures and OTP-based transaction verification, with UAT and production environments, Postman collections, and sample code in five languages to support merchant integration. Credit risk assessment is supported through integration with Mala'a, Oman's credit reference agency, enabling identity verification and credit scoring. The platform holds formal Sharia certification overseen by a Sharia Board comprising Dr. Majid Alkindi, Shaikh Mohammed Alrashdi, and Shaikh Ammar Almundhari, ensuring all transactions remain riba-free.

Qpay operates a B2B2C revenue model generating income exclusively through merchant commission fees on each BNPL transaction; consumers pay zero interest or fees. Featured enterprise merchant partners include Vodafone Oman, Danube Home, and Salman Stores. Distribution is dual-sided: consumer self-serve through the iOS app and merchant onboarding via a registration portal plus API integration. The company closed its first external seed funding round in October 2024, led by Cyfr Capital with participation from Future Fund Oman, with stated intent to accelerate fintech growth and expand financial inclusion in Oman and the broader regional market.

Name

Qpay

Legal name

Fintech solutions LLC

Website

https://qpay.om

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Qpay is Oman's first Sharia-compliant Buy Now, Pay Later (BNPL) fintech platform, founded in 2022, enabling consumers to split retail purchases into up to four interest-free monthly installments via an iOS mobile app while merchants receive full upfront payment through commission-based pricing.

Ownership category

akta.pro rank

Product category

Buy Now Pay Later (BNPL)

NAICS

Sales Financing (522220), Consumer Lending (522291), Nondepository Credit Intermediation (5222)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Merchant-Integrated BNPL (Online Checkout) (FSAKACAA)

akta.pro secondary industries

BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG), Buy Now, Pay Later (BNPL) Platforms (BPAMAFAG)

Keywords

• Buy Now Pay Later
• BNPL Platform
• Mobile Payment App
• Consumer Installment Lending
• Merchant Payment Integration

Headquarters

HQ city

Muscat

HQ country

Oman

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Merchant Commission Fees: QPay charges merchants a commission fee on each BNPL transaction processed through its platform. Consumers pay no fees or interest for splitting purchases into installments. Revenue is generated entirely from merchant transaction fees, creating a B2B2C model where the company serves both merchants (receiving upfront full payment) and consumers (offering interest-free installments).

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Qpay is Oman's first Buy Now, Pay Later (BNPL) fintech platform that allows consumers to split purchases into four interest-free monthly payments through a mobile app. Merchants integrate with Qpay via REST APIs to accept BNPL payments and receive the full purchase amount upfront while Qpay manages installment collection from consumers. The service is Sharia-compliant, free for consumers (no interest, fees, or penalties), and operates under Islamic financial principles with formal Sharia Board oversight.

Product overview

QPay is a single unified BNPL platform offering consumers the ability to split purchases into four interest-free payments. The platform operates through a mobile app (available on iOS) for consumers, while merchants integrate via a REST API. Services are designed to be Sharia-compliant, transparent, secure, and user-friendly, supporting Oman's growing digital economy.

Differentiator

Problem solved

Functional benefit

Products and services

• QPay BNPL Platform (Consumer Mobile App) A consumer-facing iOS mobile application (QPay Oman) that enables Omani consumers to register, browse partner merchants, and split purchases into four interest-free monthly payments. Operates transparently with no fees, no interest, and no penalties for on-time payments. The first payment is collected at order shipment, with subsequent payments collected monthly.
• QPay Merchant Integration Platform A merchant-facing integration offering that allows Omani retailers and e-commerce platforms to accept QPay BNPL payments from consumers. Merchants register via the QPay website and integrate via REST API, receiving the full purchase amount upfront while QPay handles installment collection. Documentation, sample code in five languages, and Postman collections are provided, with technical onboarding completed within 1-3 business days.

Quantifiable outcome

• Zero interest or fees for consumers using BNPL service
• +1 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered featured and core.

• Vodafone OmanfeaturedChannel Partner/ Reseller/ DistributorFeatured merchant brand on QPay platform accepting BNPL payments. Partnership enables Vodafone customers to purchase telecommunications products and services through interest-free installments.
• Danube HomefeaturedChannel Partner/ Reseller/ DistributorFeatured merchant brand on QPay platform accepting BNPL payments. Partnership allows customers to purchase home goods and furniture through interest-free installments.
• Salman StoresfeaturedChannel Partner/ Reseller/ DistributorFeatured merchant brand on QPay platform accepting BNPL payments. Partnership enables customers to purchase retail products through interest-free installments.
• Mala'a (Credit Reference Agency)coreTechnology or IntegrationCredit reference agency integrated with QPay for creditworthiness assessment. QPay exchanges information about customers, settled accounts, and debts with Mala'a for identity verification, credit scoring (using Mala'a score), and fraud prevention.

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Tabby: Tabby is the leading BNPL platform in the MENA region, offering interest-free installment payments to consumers at online and in-store merchants. It is the most direct competitor to QPay's product offering and business model, with active expansion across GCC markets that could reach Oman.
• Tamara: Tamara is a Saudi-headquartered Sharia-compliant BNPL platform serving consumers and merchants across the GCC. It is directly comparable to QPay in product (interest-free installments), target customer (Middle East consumers), and Sharia positioning, making it both a peer and a potential regional expansion threat.
• Postpay: Postpay is a UAE-based BNPL platform offering interest-free installment payments to consumers across MENA merchants. It shares QPay's B2B2C model, consumer app distribution, and merchant commission revenue approach, making it a direct functional peer in the regional BNPL landscape.
• Spotii: Spotii is a MENA-focused BNPL provider offering pay-in-4 interest-free installments to consumers at partner merchants. It is comparable to QPay in product mechanics, target geography, and merchant-integrated business model, though it operates at broader regional scale.

Emerging players

• Cashee: Cashee is an emerging BNPL and teen-focused consumer credit platform in the UAE and broader MENA region. It overlaps with QPay in BNPL functionality and regional focus but targets a more specific younger demographic segment.

Broad incumbents

• Klarna: Klarna is the global BNPL market leader, operating a pay-in-4 and longer-tenor installment model across dozens of countries. While it does not currently focus on Oman, its global brand recognition and product maturity represent a comparable incumbent template against which QPay's offering must compete on features and trust.
• Affirm: Affirm is a major US-listed BNPL platform offering interest-free and interest-bearing installment plans. While geographically distant, it serves as a reference point for QPay's product mechanics, merchant integration model, and regulatory approach to consumer installment credit.
• Apple Pay Later / Apple Pay Installments: Apple Pay's installment features (formerly Apple Pay Later, now integrated into Apple Pay) provide a zero-interest BNPL alternative through a global wallet. Although not Sharia-certified, its brand and iOS-native distribution could limit QPay's reach within Apple's installed base in Oman.

Others

• Mala'a: Mala'a is Oman's national credit reference agency and is already integrated with QPay for credit scoring and fraud prevention. It is an adjacent enabling partner whose broader credit infrastructure ecosystem overlaps with QPay's underwriting needs and regulatory positioning.

Regional players

• Thawani Technologies: Thawani is an Omani digital payments platform offering QR-based and online payment acceptance to merchants across Oman. It is a domestic adjacent peer sharing QPay's geography and merchant base but focused on broader payment acceptance rather than BNPL installments specifically.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInom.linkedin.com/company/qpayom
• Instagraminstagram.com/qpay.om
• Xx.com/OmQpay81042

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Qpay