QisstPay is the world’s fastest-growing installment payment provider for emerging markets, offering a payment solution to online customers, merchants, and business partners while also extending their customer base. It is Pakistan’s first BNPL (Buy Now, Pay Later) venture, and it has the potential to revolutionize e-commerce and finance in the country.
The Securities and Exchange Commission of Pakistan (SECP) issued QisstPay a Buy Now, Pay Later (BNPL) license on December 21, 2021, making it the first BNPL license in Pakistan. This Non-Banking Finance Company (NBFC) license is the first of its kind awarded by the SECP to a new fintech idea, permitting huge investment in the fintech sector and the adoption of innovative fintech concepts in Pakistan.
QisstPay is now Pakistan’s first and only legal BNPL, with aspirations to grow into areas including vehicle financing, house financing, microfinancing, and leasing in the future.
The license gives QisstPay’s Buy Now Pay Later platform credibility and validity, as it allows customers to pay online in equal, interest-free installments in a controlled environment. The platform can provide the BNPL experience to merchants and consumers who have been given protection while partnering with an online retail marketplace because of the added legitimacy supplied by a licensed company. More importantly, this license will allow QisstPay to expand into new lending verticals such as home financing, vehicle financing, micro-lending, and more.
Benifits of QisstPay:
Because it is the first player in the sector of BNPL services, QisstPay’s most recent issue is persuading both consumers and merchants to embrace this innovative product. CEO Olivas of QisstPay believes that by focusing entirely on a difficult and unique market like Pakistan’s, the company will reap considerable rewards in 2022.
Consumers and merchants benefit from the Buy Now, Pay Later approach since it is convenient and transparent. It gives customers the freedom to select how and when they pay for things from a reputable brand, while also delivering a smooth experience before and after checkout by allowing them to take advantage of interest-free BNPL offers. The BNPL license gives additional consumer protection, as well as zero liability fraud protection, to most BNPL offerings.
QisstPay offers its customers interest-free payments and sees a 60% rise in traffic and, as a result, a 60% increase in order rates, leading in an increase in sales. By permitting BNPL services, QisstPay concentrates on merchant and customer acquisition, allowing for greater development.