Following this announcement, City Bank and bKash will combine their products and suite of solutions in order to launch Pay-Later, a collateral-free digital nano loan tool that was developed in order to facilitate payments with interest-free loans through the use of the bKash application.
By leveraging this new solution, customers and clients will be enabled to buy any product or tool on the application, while paying directly with the loan, even if they do not have enough balance in their accounts to make the purchase. In addition, clients won’t be required to pay any interest if the due amount is paid within seven days.
Throughout this launch, customers will be given the possibility to access a combined limit of USD 4 (BDT 500) to USD 272 (BDT 30.000) loans, which will also enable them to avail both Pay-Later and the Digital Nano Loans product in an instant and secure manner.
The Pay-Later solution was launched with the aim of accelerating financial inclusion, as well as increasing the ability of marginalised individuals to purchase essential and daily necessities. At the same time, both City Bank and bKash will focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while also remaining compliant with the regulatory requirements and laws of the industry as well.
Clients are expected to have the opportunity to use Pay-Later by shopping with the bKash application at more than 600,000 merchant points and stores across the country. In addition, in order to avail of this loan, eligible users will be required to scan the merchant QR code or input the trader number, and transaction amount, as well as to select the Pay-Later option in order to finish the procedure. Following this process, users will need to select between the following methods – the interest-free repayment within seven days or the repayment in 6 months.
The client’s loan eligibility and loan amount will be determined through the use of an automatic credit assessment system, which will be based on the client’s transaction in the bKash account and City Bank’s overall credit risk management policy.
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