JazzCash, one of Pakistan’s leading fintech platforms, has officially launched its Buy Now, Pay Later (BNPL) service, offering a modern alternative to traditional credit cards.
This new service, which aims to enhance the shopping experience for consumers, is now available in retail stores such as Telemart, an electronics shopping platform, and EGO, a popular fashion brand. According to a recent announcement, JazzCash plans to expand the service to other major brands, including MBasics, Alkaram, and Dune London, in the near future.
The BNPL service comes at a crucial time when many consumers are seeking flexible payment options to manage their budgets amidst Pakistan’s challenging economic conditions. The BNPL model allows customers to split their payments into three equal instalments over 60 days, providing a more manageable way to make purchases. With JazzCash’s large customer base of 45 million people, the service is set to significantly enhance the shopping experience by offering an easy-to-use and affordable way to buy electronics, fashion, and other products.
The introduction of BNPL is not just beneficial for consumers; it also offers an opportunity for businesses to increase their revenue and attract a larger customer base. By offering easy payment options, brands partnering with JazzCash can expand their reach and improve their sales conversions, especially among customers who may not have access to traditional credit systems.
“Our goal at JazzCash is to bring innovative solutions relevant to Pakistan’s market, benefiting both customers and businesses,” said Aamir Aftab, Chief Product Officer at JazzCash. “BNPL gives consumers greater purchasing power, allowing them to manage their finances more flexibly while helping businesses attract new customers with straightforward payment options.”
One of the key advantages of JazzCash’s BNPL service is its accessibility. Unlike traditional credit products, JazzCash does not require users to provide employment history or a formal bank account. This makes the service available to a large segment of unbanked individuals in Pakistan, offering financial inclusion to a broader audience.
Customers can access the BNPL service by scanning a QR code at checkout. The service comes with a 15% service fee applied at the time of purchase and a 10% late fee if the second or third instalment is delayed beyond 30 days. Despite these fees, the BNPL service offers a flexible and affordable payment option with fewer entry barriers compared to traditional credit cards.
JazzCash’s commitment to innovation has driven significant growth, with the company reporting a 58% increase in overall transaction value in 2024. As digital payments continue to play a key role in Pakistan’s economic landscape, the addition of BNPL further solidifies JazzCash’s position as a leader in the country’s fintech sector.