The startup offers a payment gateway software tailored for digital banks and halal payment systems, featuring functionalities like recurring payments and auto settlement. This platform aims to eliminate exploitative financial practices, enabling users and merchants to optimize transaction efficiency and reduce costs.
Funding
$9.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many digital payment gateways do not adhere to Islamic finance principles, creating a need for halal payment solutions among Muslim consumers and businesses. This gap can lead to concerns about the permissibility of transactions and limit the adoption of digital payment methods within the halal economy.
Solution
PayHalal offers a Shariah-compliant payment gateway designed for digital banks and businesses catering to the Muslim market. The platform facilitates online payments while adhering to Islamic finance principles, ensuring transactions are free from Riba (interest), Gharrar (uncertainty), and other non-permissible elements. PayHalal provides merchants with tools to accept payments via multiple methods, including credit cards, debit cards, e-wallets, and Islamic Buy Now Pay Later (iBNPL) options, all while ensuring Shariah compliance. The system includes features such as transaction purification to filter out non-compliant transactions and smart contracts to ensure adherence to Islamic commercial law.
Target Audience
PayHalal primarily targets halal businesses, e-commerce merchants selling to Muslim consumers, Islamic financial institutions, and organizations seeking Shariah-compliant payment processing solutions.
Features
- Integration plugins for e-commerce platforms like PrestaShop, WooCommerce, OpenCart, and EasyStore
- Multiple payment method support including Visa/Mastercard, FPX, BNPL, and e-wallets (TnG, GrabPay & Atome)
- Wakalah Bai Al Ujrah contract that authorizes PayHalal to conclude e-commerce sales and payments on behalf of merchants
- Real-time notifications via SMS and email for merchants
- Fortified tokenization for secure recurring payments
- SNC (Syariah Non-Compliant Transaction) Treatment AI
- HalalKitty QR Payment for micro-merchants
- API support for custom website integrations