As the identify implies, QisstPay is the quickest-rising installment fee service for growing markets, offering a fee resolution to on-line patrons, merchants, and enterprise companions whereas increasing their shopper base. It is Pakistan’s first BNPL (Buy Now, Pay Later) initiative, and it has the potential to be a sport-changer in the world of e-commerce and fintech.
On December 21, 2021, the Securities and Exchange Commission of Pakistan (SECP) granted QisstPay, a Buy Now, Pay Later (BNPL) license, the first-ever BNPL license in Pakistan. This Non-Banking Finance Company (NBFC) license is the first of its variety granted by the SECP to a brand new fintech idea, opening up Pakistan to huge investments in the fintech sector and permitting the adoption of recent fintech ideas.
This license, in keeping with Jordan Olivas, the firm’s co-founder and CEO, is a big first for the firm. QisstPay is now Pakistan’s first and solely legally working BNPL, with future plans to broaden into areas akin to car financing, residence financing, microfinancing, and leasing.
The license lends credibility and authenticity to QisstPay’s Buy Now Pay Later platform, which gives customers with a versatile option to pay on-line in equal, curiosity-free installments in a regulated atmosphere. The further authenticity offered by a licensed entity permits the platform to supply the BNPL expertise to retailers and customers who’ve been given safety when collaborating with an internet retail market. Even extra importantly, this license will permit QisstPay to broaden into different lending verticals akin to home financing, automotive financing, micro-lending, and others.
QisstPay’s most up-to-date problem is convincing each customers and retailers to make use of this new product as a result of it’s the first participant in the discipline of BNPL companies. QisstPay CEO Olivas believes that by focusing solely on a sophisticated and distinctive market like Pakistan’s, the firm will reap vital advantages in 2022.
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The Buy Now, Pay Later mannequin gives customers and retailers with a handy and clear expertise. It permits customers to decide on how and once they pay for objects from a trusted model, whereas additionally offering a seamless expertise earlier than and after checkout through choices to entry curiosity-free BNPL presents. The BNPL license provides further shopper safety, backed by zero legal responsibility fraud safety, that isn’t at the moment obtainable with most BNPL choices.
QisstPay gives curiosity-free installments to its shoppers and promotes 60% greater visitors and, because of this, greater-order charges, ensuing in a rise in gross sales. QisstPay focuses on service provider and buyer acquisition by permitting BNPL companies, which inspires bigger development.
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