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New system will replace cash and cheques with a convenient credit card transaction
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Payments can be made instantly, with real-time payment tracking and multiple bank account capability
Real estate agencies, landlords and property management companies registered with the Ajar, a PropTech platform for cloud-based property management and rent collection, can collect rent payments online now.
This became possible after Ajar announced a strategic partnership with Visa, the world’s leader in digital payments.
As a designated Visa strategic merchant, the new collaboration strengthens Ajar’s mission to digitize the region’s real estate market.
Quick, secure and efficient, the new digital payment platform is set to transform the process for both landlords and tenants, replacing the old, outdated system of cash and cheques with a convenient credit card transaction.
Mohammad Al Munaikh, CEO of Ajar, said the new partnership enables the company to harness Visa’s extensive expertise to create a safe and user-friendly platform that will change the way its customers manage their businesses.
Rolled out across the GCC, the new digital payment infrastructure offers several key benefits to both landlords and tenants alike.
Payments can be made instantly, with real-time payment tracking and multiple bank account capability, reducing the risk of bounced cheques and reserve fees. The efficient paperless system is both more environmentally sustainable and lowers print overheads, with a secure archiving system for e-receipts to keep track of payments. The fully contactless process bypasses the need for face-to-face human interaction, respecting social distancing measures and offering additional security to tenants during the Covid- 19 pandemic – more than 90 percent of the total rent collected through Ajar during lockdown was processed digitally.
Ankush Devadason, Visa’s country manager for Kuwait said that because of the Covid pandemic, the new, contactless system makes transactions easier and safer than ever before.
