ISLAMABAD, Dec. 24, 2021 /PRNewswire/ -- The Securities and Exchange Commission of Pakistan (SECP) on 21st December 2021 awarded QisstPay, a Buy Now, Pay Later (BNPL) license, the first ever BNPL License in Pakistan. This license of a Non-Banking Finance Company (NBFC) is the first of its kind given by the SECP to a new Fintech concept that opens up Pakistan for massive investments in the Fintech Sector and allows the adoption of new Fintech concepts.
The License provides credibility and authenticates Buy Now Pay Later platform brought to Pakistan by QisstPay to give consumers a flexible way to pay online through equal, interest-free installments in a regulated environment. The additional authenticity provided by a licensed entity enables the platform to offer the BNPL experience to merchants and users who have been provided security in collaborating with an online retail marketplace. Even bigger, this license will allow QisstPay to expand its services into other lending verticals such as House Financing, Car Financing, Micro-lending and more.
The Buy Now, Pay Later model delivers a convenient and transparent experience for consumers and merchants. For consumers, it enables them to choose as to how and when they pay for items from a brand, they trust while enjoying a seamless experience of a before and after checkout through options to access interest-free BNPL offers. The BNPL license provides additional consumer protection backed by zero liability fraud protection, not...
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