Cashew Payments, a Dubai-based fintech that offers buy-now, pay-later options for consumer purchases, has extended its operations in Pakistan, through a collaboration with Taro, a South Asian fintech startup.
The two companies will offer low-cost loans to Pakistani consumers, particularly those who are ‘underbanked,’ and will also assist retailers in reaching out to a larger customer base.
The purchase now, pay later fintech movement has matured in the previous two years, with consumers becoming more comfortable with the offers. BNPL plans let buyers pay for items such as electronics or appliances in monthly payments with no interest. (These days, BNPY offers are being extended for staycation visits as well as after-sales care services.)
Mustafa Khan, Taro’s CEO, is a former Apple engineer working in Silicon Valley.
“Our partnership with Cashew has given us invaluable insight into risk, merchant acquisition, operations, and client retention,” says the company “Khan stated. “These insights, together with the assistance of their seasoned and skilled leadership team, position us for a successful launch and rapid market dominance – in Pakistan and beyond.”
In Pakistan, something similar could happen. Pakistan’s e-commerce market has grown significantly in the last year, with spending exceeding $7.2 billion.
According to a release, Taro will enable “easier access to credit for all citizens” and “enhanced access to e-commerce establishments.” “The company plans to expand its operations across the country soon, to eventually become global.”
“As we’ve built our business in the GCC, we identified the need for retailers in Pakistan to have a seamless means of giving flexible payment choices to consumers in numerous industries,” said Ammar Afif, CEO of Cashew Payments. All retailers in Pakistan will soon be able to quickly activate Taro’s installment payments for customers across all channels, both online and offline, thanks to our cooperation with Taro.”