Buy now, pay later in Pakistan: QisstPay, Baadmay and who regulates them

Buy now, pay later (BNPL) in Pakistan comes from lenders licensed by the Securities and Exchange Commission of Pakistan (SECP) or from banks and wallets the State Bank licenses. SECP’s app whitelist dated 22 July 2026 lists five BNPL apps: QistBazaar, Baadmay, Alif Shop, PalmPay, and ZoodPay for recovering old dues only. QisstPay is not on it, and its website says it hasn’t launched yet.

Which BNPL companies are licensed in Pakistan?

SECP licenses non-bank lenders, called NBFCs (non-banking finance companies), and approves each lending app separately. SECP calls any lending app not on its list “unauthorized and illegal”. Its whitelist dated 22 July 2026, which we read from an archived copy because SECP’s site blocks our checks, shows:

Baadmay’s own site names “BaadMay Tech Pvt. Ltd.” as whitelisted; SECP’s list names MG Financial Services Limited as the licensed company behind the app.

On 14 April 2026, SECP also gave a BNPL licence to Koko Tech Pakistan, which is ultimately owned by Alibaba. It isn’t on the July app list, and we found no launch date or fees.

Is QisstPay still working in Pakistan?

No live service that we could find on 18 October 2026. QisstPay’s website advertises 2 to 12 interest-free payments, but asks people to sign up “so you’re ready the moment we launch”. It names no shops and no regulator.

QisstPay’s history matters if you see old offers:

• SECP licensed Qisstpay BNPL (Private) Limited as an NBFC on 21 December 2021, reported at the time as Pakistan’s first BNPL licence.
• On 26 July 2023, SECP fined it Rs 1,765,000. SECP’s adjudication order found it had lent more unsecured money than its equity allowed (Rs 137 million against Rs 26 million of equity in December 2022) and broke other NBFC rules.
• It is not on SECP’s app whitelist of 22 July 2026.

We couldn’t confirm whether its NBFC licence is still in force. Until QisstPay appears on SECP’s list, treat any QisstPay checkout as unverified.

How does Baadmay’s 3 instalment plan work?

Baadmay splits a purchase at partner brands into 3 monthly payments. Its site advertises a Rs 15,000 shopping limit.

From Baadmay’s terms (updated 13 April 2026):

• It sells under Musawamah, an Islamic sale at a fixed deferred price, and says there are no charges beyond the agreed price. You get a key fact statement in English and Urdu when you order.
• You can pay early at no extra cost.
• It does not take prepaid cards, wallet or microfinance bank cards, UnionPay or PayPak.
• If a payment fails, your account is blocked for new purchases until you pay. The terms list no late fee, but on default Baadmay can charge the full balance, pass on debt collection and legal costs, and report you to credit bureaus.

Can I buy now and pay later without a credit card?

Yes, three ways:

• Qist Bazaar: no card or bank account. You order online, then a representative visits to collect copies of your CNIC and of two guarantors who own a home or business. You sign an agreement and give post-dated cheques. It sells one product per CNIC and charges no form or delivery fee.
• easypaisa: BNPL inside the wallet for QR payments, bills, mobile packages and easyload. easypaisa Bank holds a digital bank licence from the State Bank.
• JazzCash Yeylo: launched in June 2026, it splits purchases into 3 payments, with limits up to Rs 50,000, at brands such as LAAM, Hush Puppies, Bookme and Xiaomi.

Samsung’s BNPL is run by Qist Bazaar: on a Rs 1 lakh phone you pay Rs 30,000 down, and the Rs 70,000 balance becomes Rs 75,600 over 3 months or Rs 95,900 over 12. See mobile on installment for phone plans in detail.

How much does BNPL cost in Pakistan?

What each provider publishes, as of October 2026:

easypaisa’s rates are from its schedule of charges for October to December 2026; HBL’s from its July to December 2026 schedule and UBL’s from its January to June 2026 key fact statement. Alif Shop’s home page shows no fees, and PalmPay’s site didn’t load for us.

Who regulates BNPL in Pakistan: SECP or SBP?

Both, depending on who lends to you:

• SECP regulates NBFCs such as QistBazaar, MG Financial Services (Baadmay), Alif Finance and PalmPay, and must approve their apps. Complain about them on SECP’s portal, SDMS (sdms.secp.gov.pk).
• The State Bank licenses banks, including easypaisa Bank, which holds an SBP digital retail bank licence. Credit card instalment plans and easypaisa’s wallet BNPL come from these banks. JazzCash runs its wallet under a branchless banking charter with Mobilink Microfinance Bank.

SECP has capped the total cost of digital nano loans at the amount borrowed, but that rule is for nano loans. We couldn’t confirm that it covers BNPL. Before you agree, check the app’s name and company on SECP’s latest whitelist. For lending apps in general, see loan apps in Pakistan.

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