The Securities and Exchange Commission of Pakistan (SECP) on Dec. 21 awarded its first-ever Buy Now, Pay Later (BNPL) license to QisstPay.
BNPL license is the first of its kind Non-Banking Finance Company (NBFC) license granted by the SECP to a Fintech startup. The initiative opens up the country to substantial investments in the Financial Technology (Fintech) sector. It will also allow the adoption of new fintech concepts.
Jordan Olivas, Co-Founder and CEO QisstPay, said the startup provides merchants as well as customers with much-needed peace of mind that their money is in safe hands.
“People want control and flexibility on how they pay and where they shop. QisstPay offers that and as the first licensed BNPL in Pakistan,” said Jordan Olivas, Co-Founder and CEO QisstPay, further adding that, “We’re providing consumers and merchants with peace of mind with a digital-focused way to spend their money and how it is spent is in the most secure hands.”
Significance of the License:
- BNPL License provides credibility and authenticates Buy Now Pay Later platform brought to Pakistan by QisstPay.
- It gives consumers a flexible way to pay online through equal, interest-free installments in a regulated environment.
- It will allow QisstPay to grow its services into other loaning verticals such as House Financing, Car Financing, Micro-lending, and more.
- It enables consumers to choose as when and how to purchase from a trusted brand while enjoying a seamless experience of a before and after checkout through options to access interest-free BNPL offers.
- The BNPL license provides extra consumer protection backed by zero liability fraud protection, not yet available through most current BNPL offerings.
The BNPL License is leading-edge for the growing Tech Industry in Pakistan where rules and regulations have not improved to perfectly respond to FinTech development. The regulations existing currently are tailored to the banking and finance system that leads the digital revolution.
The first-ever BNPL License is a way forward for FinTech regulations and provides hope for laws and regulations to pave the way for a more regularized Tech Industry that can uphold the economy significantly.