Tech Desk 
Dec 31, 2024
To provide its broad user base with a convenient alternative to traditional credit cards, JazzCash on Monday introduced a new service called Buy Now, Pay Later (BNPL).
BNPL is now available in retail stores like Telemart, an electronics shopping platform, and EGO, a fashion brand. It will soon be available for other leading brands like MBasics, Alkaram, and Dune London.
What to expect from Jazz BNPL service?
The buy-now-pay-later service provides customers with a timely solution by allowing them to break down payments into three easy instalments over 60 days. This service enhances the shopping experience for JazzCash's massive consumer base of 45 million users.
The Jazz-owned facility also benefits businesses by bringing in more revenue and attracting a larger customer base. JazzCash Chief Product Officer Aamir Aftab said: "Our goal at JazzCash is to bring innovative solutions relevant to Pakistan’s market, for both customers and businesses."
"BNPL offers people increased purchasing power, allowing them to manage their finances flexibly while helping businesses attract 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.
This makes it accessible to a large unbanked segment of society. Customers can access the service by scanning a QR code at checkout.
The 60-day instalment plan includes a 15% service fee at checkout and a 10% late fee if the second or third instalment is delayed beyond 30 days.
Notably, BNPL aims to offer an affordable and flexible payment method to the high entry barriers associated with credit cards.
