In a bid to facilitate both consumers and merchants, QisstPay, an upcoming mobile phone app, is entering the world of Fintech and e-commerce with a novel service being introduced in Pakistan – the Buy Now Pay Later (BNPL) initiative. With its BNPL service, QisstPay aims to expedite the growth of e-commerce in the country, providing interest-free payment solutions to online buyers, merchants, and business partners.
The name ‘QisstPay’ has been derived from two words: Qisst (installment in Urdu) and Pay, and it allows QisstPay users to buy products from their platform, ranging between PKR 1,500 to PKR 35,000 on easy installments. These products include clothing, shoes, fashion accessories and electronics, among other items. What makes this BNPL platform truly unique is that these installments are entirely interest-free and do not require extra payment during a transaction.
QisstPay will offer masses the freedom to enjoy buying their favorite items at quarter of the price, and pay in installments over four months. The app has the potential to promote the businesses of merchants by 60 percent, by bringing in more traffic and potential business leads.
According to CEO QisstPay, Jordan Olivas, the BNPL initiative is going to transform the Fintech and e-commerce landscape in Pakistan. He acknowledges the challenge that lies ahead in introducing a new and unique payment method in the country but is hopeful that if executed perfectly, BNPL could replace traditional credit cards in the future.
“BNPL lets users buy more things against the same amount, since with QisstPay, they are not obliged to pay for all things purchased at once. It does not charge them any interest fee either. In fact, everyone is free to buy everything, without having to pay any fee to the service. What could be better than that?” commented Jordan Olivas at a recently held corporate event held for QisstPay in Islamabad.