As the name implies, QisstPay is the fastest-growing installment payment service for developing markets, providing a payment solution to online buyers, traders, and business partners while expanding their consumer base. It is Pakistan’s first BNPL (Buy Now, Pay Later) initiative, and it has the potential to be a game-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 kind granted by the SECP to a new fintech concept, opening up Pakistan to massive investments in the fintech sector and allowing the adoption of new fintech concepts.
This license, according to Jordan Olivas, the company’s co-founder and CEO, is a significant first for the company. QisstPay is now Pakistan’s first and only legally operating BNPL, with future plans to expand into areas such as vehicle financing, home financing, microfinancing, and leasing.
The license lends credibility and authenticity to QisstPay’s Buy Now Pay Later platform, which provides consumers with a flexible way to pay online in equal, interest-free installments in a regulated environment. The additional authenticity provided by a licensed entity enables the platform to provide the BNPL experience to merchants and users who have been given security when collaborating with an online retail marketplace. Even more importantly, this license will allow QisstPay to expand into other lending verticals such as house financing, car financing, micro-lending, and others.
QisstPay’s most recent challenge is convincing both consumers and merchants to use this new product because it is the first player in the field of BNPL services. QisstPay CEO Olivas believes that by focusing solely on a complicated and unique market like Pakistan’s, the company will reap significant benefits in 2022.
The Buy Now, Pay Later model provides consumers and merchants with a convenient and transparent experience. It allows consumers to choose how and when they pay for items from a trusted brand, while also providing a seamless experience before and after checkout via options to access interest-free BNPL offers. The BNPL license adds additional consumer protection, backed by zero liability fraud protection, that is not currently available with most BNPL offerings.
QisstPay provides interest-free installments to its clients 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 allowing BNPL services, which encourages larger growth.