Instalment credit reaches for bigger purchases
TI Weekly, edition 010. Digipay sets its instalment credit ceiling at 100 million toman over up to six instalments, SnappPay says 95 of every 100 of its users had no bank credit score when they started and names 6, 9 and 12 instalment credit as its next step, Bitpin opens a desk for companies, Atena reports 10.8 times growth in monthly active users, a first public review ranks 31 platforms, and our analysis reads a week in which instalment credit reached for bigger purchases.
- Digipay, in the Digikala Group, now allocates instalment credit of up to 100 million toman repaid in as many as six instalments, per a post relaying its own slides. The item gives no previous ceiling, rate, fee, eligibility rule or start date.
- SnappPay’s chief executive said on 26 October 2026 that 95 of every 100 of its users had no bank credit score when they started, beside 98.5 percent of instalments repaid to 22 September 2026, and named credit over 6, 9 and 12 instalments as the next step. On Black Friday 2025, 650,957 of SnappPay’s 980,750 credit orders were four-instalment orders.
- SnappPay’s report puts Iran’s buy now, pay later market at 132,000 billion toman in the year to March 2026, 17 percent of online retail, and credit cards at 1.3 percent of retail purchases, all its own estimates.
- Bitpin opened a service for companies with over-the-counter trades at an agreed rate, trade documentation, custody arrangements and a dedicated account manager; it names no client, minimum, fee, volume or custodian.
- A first review of 31 Iranian platforms by Iran’s Information Technology Organization and the ICT Research Institute put Digikala and SnappMarket at the top of online shopping, Snapp of ride-hailing, SnappBox of parcels and Divar of price search.
Two of the largest instalment credit providers on our registry moved toward bigger purchases and longer terms. Bitpin opened a desk for companies, and a first public review ranked 31 platforms.
The week in numbers
95 in 100, the SnappPay users with no bank credit score when they started. 1.3 percent, credit cards’ share of Iran’s retail purchases, per SnappPay’s report. 100 million toman, Digipay’s new instalment credit ceiling.
This week’s signals
Market · fintech. SnappPay says 95 of every 100 of its users had no bank credit score when they started. The chief executive gave the figure on 26 October at the launch of SnappPay’s report on Iran’s buy now, pay later industry, beside 98.5 percent of instalments repaid to 22 September 2026 (count or value not stated). The report puts the market at 132,000 billion toman in the year to March 2026, 17 percent of online retail, and credit cards at 1.3 percent of retail purchases against about a quarter worldwide, all its own estimates. He named credit over 6, 9 and 12 instalments as the next step. Company report. Why it matters: On our record 650,957 of SnappPay’s 980,750 credit orders on Black Friday 2025 were four-instalment orders, so the longer terms its chief executive named would take it past the term that carried two in three of them. TI record 27 Oct 2026 · Signal record.
Product · fintech. Digipay sets its instalment credit ceiling at 100 million toman, repaid in up to six instalments. A post relaying Digipay’s own slides says users can now be allocated credit of up to 100 million toman, repaid in as many as six instalments, so that higher-value purchases can be spread over more payments. The slides present this as new terms for Digipay’s credit purchases, changing both the ceiling and the repayment schedule. The item gives no previous ceiling, rate, fee, eligibility rule or start date. Company announcement, as relayed. Why it matters: On our record Manisa states facilities of up to 150 million toman over 12 or 18 months and Technopay repayment over 6, 12 or 24 months, so Digipay’s new ceiling and term sit inside what lenders already on the registry advertise. TI record 26 Oct 2026 · Signal record.
Product · crypto. Bitpin opens a service for companies, with negotiated over-the-counter trades and custody. The crypto exchange’s business unit offers companies over-the-counter trades in digital assets at an agreed rate, documentation for each trade, arrangements for holding assets and a dedicated account manager. Bitpin frames the service around the questions chief executives ask before entering the market: how a rate is set, how a trade is documented and how assets are kept safe. The item names no client, minimum trade size, fee, volume or custodian. Company announcement, as relayed. Why it matters: Bitpin’s own site, on our record, describes instant buy, an order book and a peer to peer market for more than 7 million users, and this is the first Bitpin service on our record aimed at companies rather than individuals. TI record 27 Oct 2026 · Signal record.
Market · AI. Atena’s monthly active users rose 10.8 times in the year to March 2026, per a digital marketing report. The AI platform’s figures appear in an annual digital marketing report: more than one million new sign-ups in the year, monthly active users up 10.8 times, and about 66 percent of those who signed up using it at least once by 4 April 2026. Text made up 83.5 percent of interactions, and 24.1 percent of active users tried its image tools. The item gives no absolute count of active users and no revenue. Platform data in a third-party report. Why it matters: The report’s publisher, Pegah Holding, owns Tapsell and Metrix on our registry, two other data sources in it, while Atena’s ownership is not on our record, so these figures reach us through the holding’s report rather than a filing by Atena. TI record 24 Oct 2026 · Signal record.
Market · cross-sector. A first public review of 31 Iranian platforms puts Digikala, SnappMarket, Snapp, SnappBox and Divar at the top of their groups. Iran’s Information Technology Organization and the ICT Research Institute scored 31 platforms in seven groups on 20 indicators of efficiency, ease, interface, trust and loyalty. Digikala and SnappMarket led online shopping, Snapp ride-hailing, SnappBox parcels, Divar price search, Bime.com finance and insurance, and Nobat digital health. Ease and interface were relative strengths; data protection, responsiveness and clarity of terms need work. No scores are printed. Public-sector study, as relayed. Why it matters: Three of the seven leaders named, Snapp, SnappMarket and SnappBox, sit in Snapp Group on our registry, so one group’s apps lead half of the six categories whose leaders are given. TI record 24 Oct 2026 · Signal record.
From the registry: additions and evidence updates
One record added: Atena, at reported tier, with legal name, website, founding year and ownership left blank until a source establishes them. Evidence drawn from the record: SnappPay’s Black Friday order counts from its group’s annual report, Manisa’s and Technopay’s stated terms, Bitpin’s own service description, Pegah Holding’s brands, and Snapp Group’s links, each with its passage on file.
Analysis: Instalment credit reaches for bigger purchases
In one week the instalment arms of two groups on our registry pointed at larger tickets. Digipay, in the Digikala Group, set a ceiling of 100 million toman over up to six instalments (signal 2). SnappPay, in Snapp Group, named credit over 6, 9 and 12 instalments as its next step (signal 1).
The starting point on our record is short and small. On Black Friday 2025, two in three of SnappPay’s credit orders were four-instalment orders, by its group’s annual report. Businesses speaking at SnappPay’s launch event described what that credit did: SnappFood said credit buyers ordered more often but spent less per order, and a leather goods retailer in Mashhad said more than 40 percent of its in-store sales run on SnappPay credit (TI record 27 October). These are a panel’s statements, as relayed, not measured results.
The room these providers see is in SnappPay’s report: credit cards at 1.3 percent of Iran’s retail purchases, and 95 of every 100 SnappPay users without a bank credit score at the start. Both are figures from a provider describing its own market. Longer terms are not new on the registry: Technopay offers 6, 12 or 24 months against a cheque in the borrower’s name, and Manisa up to 150 million toman over 12 or 18 months. What is new is Digipay and SnappPay moving toward them.
Our hypothesis, labelled as one: these providers can lengthen terms because short instalments have given them a repayment history on borrowers that banks never scored. The record tests it only weakly. SnappPay’s 98.5 percent of instalments repaid is the one repayment figure a buy now, pay later provider has given on our record this year, and it covers the short terms already sold. Digipay’s loan book quality reads not disclosed, and the only default rate we hold, Lendo’s 1.78 percent of customers for the year to March 2021, is older and from a different product.
No public evidence identified of a repayment or default figure for credit beyond four instalments from any provider on our registry. That figure, when one is published, is the test.
What to watch: Digipay’s previous ceiling and its rate; the first repayment figure on longer instalments; a named client for Bitpin’s business desk; and Atena’s absolute count of active users.
Every named company is resolved to the Tehran Index registry; every published figure carries a source and evidence state, and every signal links to its record, where the source trail is exposed. Date basis: where a source publication date has not been independently verified, the date shown is the date the item entered the Tehran Index record, labelled “TI record”. FX: this edition carries no dollar conversion. Digipay’s ceiling dates from October 2026, within the last 90 days, and is not converted; SnappPay’s market estimate for the year to March 2026 is given in toman as published.
Frequently asked
A post relaying Digipay’s own slides in October 2026 says users can now be allocated credit of up to 100 million toman, repaid in as many as six instalments, so that higher-value purchases can be spread over more payments. The item gives no previous ceiling, rate, fee, eligibility rule or start date.
SnappPay’s chief executive said on 26 October 2026, at the launch of the company’s report on Iran’s buy now, pay later industry, that 95 of every 100 SnappPay users had no bank credit score when they started. He gave it beside 98.5 percent of instalments repaid to 22 September 2026, without stating whether that is by count or by value.
SnappPay’s own report puts the market at 132,000 billion toman in the year to March 2026, 17 percent of online retail, and credit cards at 1.3 percent of Iran’s retail purchases against about a quarter worldwide. These are a provider’s estimates of its own market.
No public evidence identified of a repayment or default figure for credit beyond four instalments from any provider on the Tehran Index registry. SnappPay’s 98.5 percent of instalments repaid covers the short terms it already sells; Digipay’s loan book quality reads not disclosed.
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