ISLAMABAD: JazzCash has launched Buy Now, Pay Later (BNPL) a convenient alternative to traditional credit cards. The service is now available in retail stores for the electronics shopping platform Telemart and the fashion brand EGO and will soon be launched for leading brands, including MBasics, Alkaram, Dune London, and more.
As consumers look for ways to manage their budgets in today’s economic climate, BNPL introduces a timely solution, allowing them to break down payments into three easy instalments over 60 days and purchase whatever they want via JazzCash, enhancing the shopping experience of its 45 million customers. On top of that, the service will bring incremental revenue and a large customer base for the brands partnering with JazzCash for Buy Now, Pay Later.
“Our goal at JazzCash is to bring innovative solutions relevant to Pakistan’s market, for both customers and businesses,” said Aamir Aftab, Chief Product Officer at JazzCash. “BNPL offers people increased purchasing power, allowing them to manage their finances more flexibly while helping businesses attract more customers with simple payment options,” he added.
Unlike traditional credit products, JazzCash’s BNPL service does not require users to provide employment history or have a formal bank account, making it accessible to a large unbanked segment of society.
Customers can access the service by scanning a QR code at checkout. With its 60-day instalment plan, a 15 percent service fee is applied at checkout, and a 10 percent late fee applies if the second or third instalment is delayed beyond 30 days.
This structure makes BNPL an affordable and flexible payment method without the high entry barriers associated with credit cards.
JazzCash’s focus on bringing relevant and innovative products has driven substantial business growth. In 2024, the company saw a 58 percent increase in overall transaction value, with digital payments playing a vital role in this expansion. The introduction of BNPL adds another tool to JazzCash’s diverse suite of financial services, reinforcing the company’s position as a leader in Pakistan’s fintech sector.
Copyright Business Recorder, 2024
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