PayTally Service Qorus Banking Innovation Awards 2023

Kuwait International Bank (KIB) launched its exclusive PayTally multi-service digital platform in December 2022, as part of its efforts to deliver state-of-the-art digital solutions and Shariah-compliant financing products that meet the needs of all its customers. The platform is dedicated to Islamic financing applications, follow-ups, and payments. It allows customers to obtain profit-free financing with flexible installments for any of the services or products provided by KIB's retail and service partners under the PayTally Partners Program. Since the launch of the platform, KIB has been committed to selecting the best partners from consumer service providers and retailers to reward its customers with the highest quality of products and services. The types of financing provided through PayTally include medical treatment, education, furniture, electronics, spare parts, vehicles, and more. The idea behind the PayTally platform aimed to provide a solution that would benefit KIB's merchant partners and customers. The idea originated during the COVID-19 period when KIB's retail team faced the challenge of acquiring new customers and onboarding them digitally. Today, customers using the platform have the option to pay in flexible installments at cash prices while merchant partners can simultaneously obtain their purchase order amounts. As a result, most of the demand came from nonbank customers, with 90 percent of the deals coming from customers of other banks in Kuwait. This accomplishment reflects PayTally's role in acquiring new customers and affirms KIB's competitive position in the market. The new phase of the platform is set to launch in December 2023.