Dubai: The Dubai-based fintech cashew – which offers buy now pay later solutions on consumer purchases – has made an entry into Pakistan. This is through a partnership with Taro, a fintech startup in the South Asian country.
The two will provide low-cost credit to consumers in Pakistan, especially those who are ‘under-banked’, and also help merchants reach out to a wider shopper base.
In the last two years, the buy now pay later fintech movement has come into its own, with consumers getting comfortable using the offers. In BNPY schemes, shoppers can pick up goods such as tech gadgets or appliances on monthly instalments at zero interest. (BNPY offers are also being extended for staycation visits and even after-sales car services these days.)
“Our collaboration with Cashew provides critical insights into risk, merchant acquisition, operations, and customer retention," said Khan. "Those insights paired with support from their experienced and accomplished leadership team position us for a strong launch and to quickly dominate the market - in Pakistan and beyond.”
Ecommerce prospects
Much the same could yet happen in Pakistan. Over the past year, Pakistan’s e-commerce sector has seen a lot of growth, with spending reaching around $7.2 billion.
Taro will provide “easy access to credit for all the citizens and allow increased access to e-commerce outlets,” said a statement. “The company is looking to soon expand its operations across the country and hopes to eventually go global.”
The CEO of Cashew Payments, Ammar Afif, said: “As we’ve grown our business in the GCC, we recognized the need for retailers in Pakistan to have a seamless way of offering flexible payment options to consumers in multiple industries. Through our partnership with Taro, all retailers in Pakistan can soon rapidly activate Taro’s installment payments for consumers across all channels both online, and offline.”
