Faysal Bank and Mercantile Pakistan have signed a deal for providing interest-free Apple products under Buy Now Pay Later (BNPL).
According to a statement issued Friday, Faysal Bank partnered with Mercantile Pakistan (Authorized Apple Distributor) to provide a facility of Buy Now Pay Later (BNPL) at a zero percent profit rate to its customers using its payment cards.
This is the first time in Pakistan that customers can avail BNPL facility to buy Official Apple products from authorized retail outlets. During the rollout phase, over 100 mercantile registered resellers will start offering Apple official products on 3 to 12 months installment plans.
Mercantile products will also be available on Faysal Bank DigiMall, Faysal Bank’s Online Marketplace and via PIP options through call centers.
This partnership will enable easy payments for Faysal Bank customers via Mercantile Pakistan authorized channels while simultaneously leveraging on the Faysal Bank platform’s capacity to empower its authorized businesses through faster payment cycles.
In the last few years, BNPL has become an incredibly popular option amongst consumers enabling customers to obtain goods through flexible and interest-free payments offered in the form of a secure and seamless payment experience provided by merchants utilizing BNPL. This move will also enable the growth of the Ecommerce ecosystem at a domestic level enabling trust in pre-payments systems and quality, and goods & services.
Speaking at the Occasion, Aneeq Malik, Head Of Consumer Finance & Payment Services, Faysal Bank, said: “This partnership is a testament to our vision of empowering customers with flexible financing options. This card-led product will also enable to rekindle growth among the countless businesses of different sizes, during this period of continued economic uncertainty.”