Consumers in Pakistan are going to have the Buy Now Pay Later (or BNPL in short) option for their online purchasing with the QisstPay mobile app.
QisstPay, an upcoming mobile phone app, will facilitate both consumers and merchants, with the BNPL initiative. The service will enter “the world of Fintech and e-commerce with a novel service being introduced in Pakistan – Buy Now Pay Later”
The app’s goal is to pace up the growth of e-commerce in the country, providing interest-free instalments for payments to online buyers, merchants, and business partners.
The name ‘QisstPay’ has been derived from Qisst (instalment in Urdu) and Pay, and it allows QisstPay users to buy products from their platform, ranging between PKR 1,500 to PKR 35,000 on easy instalments.
These products include clothing, shoes, fashion accessories and electronics, among other items. This BNPL platform is truly unique because these instalments are entirely interest-free and do not require extra payment during a transaction.
QisstPay will offer the masses the freedom to enjoy buying their favourite items at a quarter of the price and pay in instalments over four months. The app has the potential to promote the businesses of merchants by 60 per cent, by bringing in more traffic and potential business leads.
Jordan Olivas, CEO QisstPay, said
The BNPL initiative is going to transform the Fintech and e-commerce landscape in Pakistan. He acknowledges the challenge that lies ahead in introducing a new and unique payment method in the country but is hopeful that BNPL could replace traditional credit cards in the future if executed perfectly.
Olivas further commented:
BNPL lets users buy more things against the same amount since, with QisstPay, they are not obliged to pay for all things purchased at once. It does not charge them any interest fee either. In fact, everyone is free to buy everything, without having to pay any fee for the service. What could be better than that?”
