QisstPay, Pakistan’s first buy now, pay later (BNPL) platform, is set to provide an online buying tool for shops in the United States.
According to Jordan Olivas, CEO of QisstPay, the company plans to hire 200 people this year to expand its services to the United States and regional markets, offering consumers one-click checkout solutions.
When many of the country’s big-name merchants and brick-and-mortar businesses either shifted online or battled to sustain operations during the epidemic, QisstPay aimed to capitalize on the e-commerce boom that grew as a shortcut for US-based customers.
The CEO of the startup believes that entering the US market will “bring hundreds of jobs to Pakistan” and that the company’s goal is to “become one of Pakistan’s first unicorns.”
It’s worth noting that Bolt Financial Inc., a potential competitor of QisstPay, raised $355 million in 2021 to lift its valuation to $11 billion. Customers in the United States used their platform to execute purchases using a single-click checkout option, avoiding the need to fill out lengthy forms or remember passwords. According to Olivas, using such service results in a substantially higher conversion rate.
The prospective expansion of QisstPay into the United States comes after a particularly fruitful year for Pakistan’s startup scene. Pakistan, which is known throughout continents as one of the world’s largest untapped markets, has seen an enormous increase in startup funding, with over $350 million raised in 2021 alone, compared to the previous six years combined.
QisstPay, as its name implies, is the fastest-growing installment payment service for emerging markets, offering a great payment solution to online shoppers, merchants, and business partners while also expanding their customer base. In the world of e-commerce and fintech, QisstPay has the potential to be a game-changer.