The Securities and Exchange Commission of Pakistan (SECP) has awarded a Non-Banking Finance License famous Buy Now Pay Later (BNPL) startup, QisstPay. The company’s co-founder and CEO commented on the occasion saying that acquiring the license is a big deal for the business and has made QisstPay the first legally operational BNPL. It has also made it eligible to expand into other areas such as vehicle financing, home financing, microfinancing, leasing in the future.
The step is also huge for SECP as BNPL is facing regulatory scrutiny around the world, particularly in the United States and the European Union. It has also not been easy for QisstPay to function as the first BNPL in the field. The biggest challenge for them was to convince consumers and merchants to use the new product. The CEO of the company, Olivia is hopeful that this development will help QisstPay in the coming year.
QisstPay is one of the most popular installment payment services which provides payment solutions for online buyers, merchants, and business partners. The company is a game-changer for Pakistans e-commerce industry.
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