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HomePakistanGovt Launches Interest-Free Installment Scheme to Buy Mobile Phones in Pakistan

Govt Launches Interest-Free Installment Scheme to Buy Mobile Phones in Pakistan

Federal Minister for Information Technology (IT) and Telecom, Syed Amin-ul-Haque, on Wednesday launched a scheme in collaboration with KistPay, Smartphone For All, an initiative aimed at making technology more accessible by allowing low-income people to buy mobile phones (smartphones) at easy interest-free installments.

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According to the details, the Smartphone For All initiative has been launched in collaboration with Global System for Mobile Communications Association (GSMA) and Pakistan’s leading installment service, KistPay, a Buy Now Pay Later (BNPL), which is responsible for processing applications and providing the smartphones on easy interest-free installments.

Federal Minister Amin-ul-Haque said that anyone can obtain a mobile phone on interest-free installments by depositing 20-30 percent down payment through the scheme. He added that applicants will not have to provide any guarantees or go through a lengthy application process.

Furthermore, he said that Smartphone For All scheme will provide easy 3 to 12 months interest-free installments on mobile phones worth Rs. 10,000 to Rs. 100,000. He added that goal of this initiative was to make smartphones more accessible to people, who otherwise would not be able to afford them.

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