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The new partnership will let real-estate agencies, landlords, and property management companies registered on the Ajar platform collect rent online
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The new platform is expected to replace the old, outdated system of cash and cheques with a credit-card transaction
United Arab Emirates-headquartered firm Ajar has tied up with Visa to further digitize rent collection, the Kuwait-born startup has announced, said reports on Tuesday, June 8.
Ajar currently operates in the Middle East and provides cloud-based property management and rent collection.
The new partnership enables real-estate agencies, landlords, and property management companies registered on the Ajar platform to collect rent payments online, said the reports.
The new digital payment platform is expected to replace the old, outdated system of cash and cheques with a credit-card transaction, they added.
Mohammad Al Munaikh, CEO of Ajar, was quoted by the reports as saying: “This new partnership enables us to harness Visa’s extensive expertise to create a safe and user-friendly platform that will forever change the way our customers manage their businesses.”
Rolled out across the GCC, the new digital payment infrastructure reportedly lets payments be made instantly, with real-time payment-tracking and multiple bank account capability, reducing the risk of bounced cheques and reserve fees.
The paperless, fully-contactless system also apparently has a secure archiving system for e-receipts to keep track of payments.
Ankush Devadason, Visa’s country manager for Kuwait,said: “In light of the global pandemic, the new, contactless system makes transactions easier and safer than ever before.”
Reportedly, more than 90 percent of the total rent collected through Ajar during lockdown was processed digitally.
Phase 2 of the partnership will further expand the digital payment platform to enable tenants to directly make payments even when landlords are not pre-registered with Ajar, said the local reports.
Tenants will reportedly also be able to use the system by paying on credit and setting up regular payment plans though their own banks.