The Securities and Exchange Commission of Pakistan (SECP) has granted a Non-Banking Finance License to the extremely popular Buy Now Pay Later (BNPL) startup QisstPay for the first time in the country’s stark startup history.
According to Jordan Olivas, the company’s co-founder and CEO, this license is a meaningful first for the company. QisstPay is now Pakistan’s first and only legally operating BNPL, with the potential to expand into other areas such as vehicle financing, home financing, microfinancing, and leasing in the future.
QisstPay’s latest challenge is getting both consumers and merchants on the same page by convincing them to use this new product because it is the first player in the field of BNPL services. CEO Olivas believes that by focusing solely on a complicated and unusual market like Pakistan’s, QisstPay will earn significant benefits in 2022.
QisstPay, as the name implies, is the fastest-growing installment payment service for emerging markets, offering a payment solution to online buyers, merchants, and business partners while increasing their consumer base. It is Pakistan’s first BNPL platform, and it has the potential to be a game-changer in the worlds of e-commerce and fintech.
QisstPay offers its clients interest-free installments and promotes 60% higher traffic and, as a result, higher-order rates, resulting in an increase in sales. QisstPay focuses on merchant and customer acquisition by encouraging larger growths by allowing BNPL services.
What is QisstPay?
QisstPay, as the name suggests, is the fastest-growing installment payment service for developing markets, offering a payment solution to online buyers, traders, and business partners while increasing their consumer base. It is Pakistan’s first BNPL (Buy Now, Pay Later) aims and a potential game-changer in the worlds of e-commerce and fintech.
What is Buy Now, Pay Later?
BNPL or Buy Now Pay Later, is a new type of service that is quickly gaining traction in the business world. It enables a consumer to purchase an item and pay for it later in interest-free payments.
BNPL is a great way to replace traditional credit cards because it is a low-commitment, user-friendly, and budget-focused payment option. It not only allows consumers to purchase their desired item when they need it without having to worry about billing, but it also gives them more freedom and less commitment.