First-Ever Buy Now, Pay Later License in Pakistan Granted to QisstPay by SECP

Tech and Telecom

The Securities and Exchange Commission of Pakistan (SECP) has recently awarded QisstPay a Buy Now, Pay Later (BNPL) license, making it the first 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, allowing massive investments in the Fintech sector and the adoption of innovative Fintech concepts in Pakistan.

The license adds credibility and authenticity to QisstPay’s Buy Now Pay Later platform, which allows users to pay online in equal, interest-free installments in a regulated environment. The platform may now offer the BNPL experience to merchants and users who have been given assurance in collaborating with an online retail marketplace, thanks to the added authenticity provided by a licensed entity. Even bigger, this license will allow QisstPay to expand its services into new lending verticals such as House Financing, Car Financing, Micro-Lending, and more.

Convenient and Transparent for Consumers

Consumers and merchants benefit from the Buy Now, Pay Later model since it is convenient and transparent. It allows customers to pick how and when they pay for items from a trusted brand while also providing a smooth experience before and after checkout by allowing them to take advantage of interest-free BNPL offers. Additionally, the BNPL license provides consumer protection backed by zero liability fraud protection, which is currently unavailable in most BNPL offerings.

Affordable, Flexible Payments for All Products

BNPL is excellent for those who need products and services now but don’t have the money available; they can use this option to receive their items without paying immediately.

“People want control and flexibility on how they pay and where they shop. QisstPay offers that and as the first licensed BNPL in Pakistan, we’re providing consumers and merchants the peace of mind with a digital-focused way to spend their money and how it is spent is in the most secure hands,” said Jordan Olivas, Co-Founder and CEO QisstPay.

A landmark for Pakistan’s Growing Tech Industry

Further, the BNPL License is ground-breaking for Pakistan’s emerging tech industry, where laws and regulations have yet to catch up with FinTech development. Existing legislation were designed for a banking and financial system that existed before the digital revolution. The first-ever BNPL License is a step forward for FinTech laws, and it gives hope that laws and regulations will pave the way for a more regulated tech industry that may support the economy significantly.

The BNPL License acquisition was channeled by Legal Advisor – QisstPay, Barrister Safi Ullah Ghauri who is also Managing Partner of Esquare Legal. “This BNPL License comes as a breakthrough for FinTech companies that holds the promise of heralding a renaissance for entire economies with innovative financial products and services and the impact of which transcends to so much more,” said Barrister Safi Ullah Ghauri the legal advisor for QisstPay.

Improved Shopping Experience

BNPL arrangements are becoming an increasingly popular payment option, especially when shopping online. BNPL usage by marketplaces has significantly increased as merchants seek ways to make the shopping experience more convenient, hassle-free and transparent for consumers during the Covid-19 pandemic. These efforts by all three parties involved, the SECP, Tech Lawyers, and the FinTech Industry, to understand each other and create a favourable working environment are reassuring to all stakeholders.

You May Also Like

Govt reduces sales tax on local electric vehicles from 17% to 1%
Depreciating Rupee, the Pandemic and the Automotive Industry

Tech & Telecom

Business

Education