Buy Now, Pay Later license granted to QisstPay

Noor Haider
Buy Now, Pay Later license granted to QisstPay
Buy Now, Pay Later license granted to QisstPay

The Securities and Exchange Commission of Pakistan (SECP) has granted QisstPay the first-ever BNPL license in Pakistan.

Why it matters: This Non-Banking Finance Company (NBFC) license is the first of its kind given by the SECP to a new fintech startup.

This opens up Pakistan for massive investments in the fintech sector.

The BNPL license:

  • provides credibility to the BNPL platform
  • enables the platform to offer the BNPL experience to merchants and users who have been provided security in collaborating with an online retail marketplace
  • will allow QisstPay to expand its services into other lending verticals such as house financing, car financing, micro-lending, leasing, etc
  • provides additional consumer protection backed by zero liability fraud protection

You should know: The Buy Now, Pay Later model is fairly new in the country. It provides a convenient experience for consumers and merchants.

Consumers can choose how and when they pay for items over a period of time with the option of interest-free BNPL offers.

Before you go: QisstPay is the most well-funded BNPL startup in Pakistan. Last year it raised $15 million in seed funding from a handful of investors.

Zoom Out: Online shopping has increased dramatically during the pandemic. The BNPL option is increasingly popular with merchants who want to make the shopping experience convenient and transparent for consumers.

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