First Buy Now, Pay Later license in Pakistan granted to QisstPay by SECP
ISLAMABAD, December 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 very first BNPL license in Pakistan. This license from a non-bank financial company (NBFC) is the first of its kind granted by the SECP to a new Fintech concept that opens Pakistan for massive investments in the FinTech Sector and allows the adoption of new FinTech concepts.
The license provides credibility and authenticates the Buy Now Pay Later platform brought to Pakistan by QisstPay to provide 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 deliver the BNPL experience to merchants and users who have been secured by collaborating with an online retail marketplace. Even larger, this license will allow QisstPay to expand its services to other lending verticals such as real estate finance, auto finance, microcredit, etc.
The Buy Now, Pay Later model provides a convenient and seamless experience for consumers and merchants. For consumers, this allows them to choose how and when to pay for items from a brand they trust while enjoying a seamless experience of a before and after payment with options to access BNPL offers. without interest. The BNPL license provides additional consumer protection backed by zero liability fraud protection, which is not yet available in most current BNPL offerings.
“People want control and flexibility over how they pay and where they shop. QisstPay offers this and as the first BNPL authorized in Pakistan, we provide consumers and merchants with peace of mind with a digital way to spend their money and the way it is spent is in the safest hands, ”said Jordan olivas, co-founder and CEO of QisstPay.
The BNPL license is revolutionary for the growing technology industry in Pakistan where laws and regulations have not increased to fully respond to the development of FinTech. The existing regulations are adapted to the banking and financial system which precedes the digital revolution. The very first BNPL license is a springboard for FinTech laws and gives hope that laws and regulations will pave the way for a more regularized tech industry that can significantly support the economy.
The acquisition of the BNPL license was channeled through Legal Advisor – QisstPay, Barrister Safi Ullah Ghauri who is also Managing Partner of Esquare Legal. “This BNPL license is a breakthrough for FinTech companies that promise to herald a renaissance for entire economies with innovative financial products and services whose impact goes far beyond,” Barrister said. Safi Ullah Ghauri QisstPay’s legal advisor.
Online consumer spending accelerated dramatically during the pandemic, and marketplace adoption of BNPL increased globally, with merchants looking for ways to make the shopping experience convenient and transparent for consumers. consumers. These attempts by the three parties involved, the SECP, the Tech Lawyers and the FinTech Industry, to understand each other and thus create a conducive work environment reassure all stakeholders.
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SOURCE QisstPay Inc.