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Friday, December 9, 2022

Pakistani Startup QisstPay Launches into US Market

Pakistan, one of the world’s largest untapped markets, is seeing a startup funding surge with more than $350 million raised last year, greater than the amount raised in at least the past six years combined.

By Jay Rover

(Photo by Ken Lund, CC license)

Will the United States see the rise of a Pakistani startup becoming a billion dollars enterprise? The hopes were always there as the South Asian country’s software industry is growing at an impressive pace. But now these hopes have become high expectations, thanks to the launch of QisstPay in the United States.

“I’m excited to announce that QisstPay has entered the US market with our new flagship product, QisstPay 1-Click Checkout!,” wrote Jordan Olivas, CEO QisstPay on his LinkedIn account on February 8.

QisstPay is Pakistan’s first and only legally operating fintech company, with future plans to expand into areas such as vehicle financing, home financing, microfinancing, and leasing.

It provides interest-free installments to its clients and promotes 60% higher traffic and, as a result, higher-order rates, resulting in an increase in sales. QisstPay focuses on merchant and customer acquisition by allowing buy-now, pay-later (BNPL) services, which encourages larger growth. With the company’s checkout service, customers can make purchases with a single click, without filling out repetitive forms or recalling passwords.

The Pakistani startup is entering the U.S. by launching its online shopping tool that will be used by retailers, marking its expansion from South Asia to North America. It has already opened an office in Bangladesh ahead of launching in the market.

Jordan Olivas, CEO & Co-Founder QisstPay, announced a significant expansion to the US and regional markets in response to the remarkable demand for the company’s 1-Click Checkout product.

QisstPay was launched in Islamabad by Jordan Olivas, a US citizen, who moved to Pakistan in order to emulate success at his former employer, Klarna.

“Five years ago, no one thought about payment methods, and with the rise of alternative payment methods and BNPL, retailers now need tools and platforms to help better understand which payment options work best for their consumer base,” says Olivas.

According to Olivas, QisstPay, brands will be able to add multiple payment methods instantly using our ‘drag and drop’ checkout builder. This can all be done without a code, saving time and money on development. Payment methods include; credit and debit cards via payment gateways, buy now pay later providers, digital wallets, financing, crypto, and more.

Pakistan is one of the world’s largest untapped markets. It has beenn witnessing a startup funding surge with more than $350 million raised last year, greater than the amount raised in at least the past six years combined.

“The plan will bring hundreds of jobs to Pakistan and the goal is to become one of the first unicorns in Pakistan,” Olivas told Bloomberg which gave special coverage to his initiative’s launch in the US market

“Brands will also have access to in-depth analytics and gain valuable insights into which payment options perform best and are most popular with their shoppers, all within a single platform,” Olivas says. Additionally, QisstPay 1-Click Checkout has modern built-in security, privacy and fraud monitoring tools. “We will continue to grow our BNPL product in APAC, while our 1-Click Checkout will be deployed in the US and APAC to help provide the best tailored shopping experience.

QisstPay company has employed a staff of 150 in Dallas-Fort Worth, TX. It plans to increase its workforce by 200 to reach 350 by the end of the year to support its expansion.

Shopper habits are shifting toward online shopping. According to data from Statisica, revenue from retail e-commerce in the U.S. was estimated at roughly $768 billion 2021. This figure is forecasted to grow by 70% over the next four years, exceeding $1.3 trillion by 2025. This only highlights the growing importance of offering shoppers the best checkout experience possible.

“I’m so excited to launch this into the market alongside other ex-Klarnauts and digital agency experts to make this the next big thing for retailers in the US!,” he adds.

 

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