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du-it

Flexible payment method and Point of Sale

Malaysia
Market: Financial services
Stage of the project: Prototype or product is ready

Date of last change: 29.07.2021
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Idea

du-it is a Malaysia based Islamic financial technology company which provides instalment solutions to businesses. Users can buy any product or services from participating merchants and divide their payments into 4 equal interest-free instalment. Users can use this via mobile app, online and offline (in physical stores).

Current Status

Currently we are at a pre-launch stage with 80% of the product is ready. We are looking to launch in September with at least 100 touch points. Weave established multiple partnerships with both local and international service providers. We are working in partnership with several payment gateway providers to tap into their merchnats base to scale faster.

Market

Customer Segment :
Tech Savvy early adopters: Shoppers who are used to pay online and prefer cashless method of payment.
Psychographic:
- Shoppers searching for delayed payment vs paying in full immediately and users who
want to better manage and stretch their dollar with no additional charges and
hidden costs.
- The new GEN of shoppers who are looking for an alternative to traditional flexible
payment method.
Demographic :
- 20 to 55 year old Malaysians

Market :
Globally, BNPL is a booming market that’s set to grow from US$7.3 billion in 2019 to US$33.6 billion in 2027 at a compound annual growth rate (CAGR) of 21.2% - techwireasia

ASEAN payments industry is looking to reach USD 1.5 Trillion by 2030, of this consumer payment is looking to around 2/3.

BNPL payment in the Malaysia is expected to grow by 72.3% on annual basis to reach US$ 468.2 million in 2021. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 24.6% during 2021-2028. The BNPL Gross Merchandise Value in
the country will increase from US$ 271.8 million in 2020 to reach US$ 2187.7 million by 2028. – Business Wire

Problem or Opportunity

Users:
- Lack of flexible payment option during checkout
-Existing options are not transparent and many unseen associated hidden costs -Users are still underserved by the current payment instruments with outdated credit approval process.

Merchants:
-High fall-out rate during checkout
-Retailers difficulty in offering and managing flexible payment options (cashflow concerns, limited credit knowledge and overhead costs)
-Finding ONE universal solution which addresses all retail channels

Solution (product or service)

Du-it allows users to buy or enjoy the products and services they want by allowing them to break their payment into 4 equal interest-free instalments. Merchants can now increase their sales by offering their customers instalment payment method using our omni-channel instalment solution without any risk to them!
- iOs & Android mobile app
- Allow online and offline use
- User friendly interface for both users and merchants
- 4 equal-interest-FREE instalments
- One stop Omni-channels solution for merchants
- No hidden fees and fully transparent

Competitors

Direct competitors include : Atome, Hoolah, Rely, Split, Grab Paylater, Pace and etc.

Indirect competitor : Credit card companies and credit companies.
We are one of the new entrants in the market looking to focus on a different niche of livelihood payments.

Advantages or differentiators

Why du-it? :

-Most of the competitors only allow 3 split whereas du-it allows 4 split
-du-it BNPL product to be fully shariah compliant.
-du-it will be focusing mainly on livelihood payment (car service, insurance, education, health, gov services and etc.) vs lifestyle payments
-we provide free integration to our merchants and 24/7 local support.

Finance

We charge a Merchant Discount Rate (MDR) to our participating merchants. Anywhere between 4% to 10%. In the next 3 years we are looking at processing 11 million transaction worth around USD 1 billion.



Business model

Below is our business model (transaction economics) :

MDR - Transaction Processing cost - Transaction Funding Cost - Net Transaction Losses (defaults) = Net Transaction Margin.

Money will be spent on

Money will be spent on :

- Launch of the product
- building and expanding the team to scale quickly
- Advertising and promotions
- funding of the transactions.

Offer for investor

20% equity in the busines (negotioable)

Team or Management

Risks

- Entry of large new entrants
- Source of funding to fund the transactions
- Regulatory environmnt might change

Incubation/Acceleration programs accomplishment

one of the Top 30 Startup slected to participate in the Selangor Accelerator Programme 2021 4th cohort.

Photos

Photo 1 - Flexible payment method and Point of Sale
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
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