Rise, a rapidly expanding fintech based in the UAE and, HomesShopping.pk, one of the leading e-commerce players in Pakistan, have entered into a strategic partnership to enable overseas Pakistanis to buy goods in Pakistan by making payments in installments in their country of residence. This is a first of its kind globally - Buy Now, Pay Later propositions have to date only been available for purchases locally and migrants have largely had no access to such means.
Pakistan has one of the largest diasporas in the world, with almost 9 million overseas Pakistanis sending home USD 22 billion every year accounting for 7% of the GDP of the country.
This partnership taps into this remittance pool and gives Pakistani migrants the ability to acquire a wide range of durable goods in an affordable manner.
Customers can go to a specially designed site (pkshop.gorise.co) with a wide range of products specially curated with overseas Pakistanis in mind, sign up for an account with Rise and get instant approval for instant purchases. Purchases are delivered by HomeShopping.pk with the highest levels of care that HomeShopping.pk is synonymous for. In addition, customers can call a number in the UAE if they need assistance with their orders and all prices are quoted in and payments made in the customer’s local currency thereby avoiding any currency conversions or surprises when they receive their monthly card statements.
Padmini Gupta, Rise Co-Founder and CEO commented, “From day one, we have set out to democratize access to financial services for migrants. This partnership takes us one step closer to that goal. There are over 3 million Pakistanis living in the Gulf, the vast majority of which have never had the ability to make purchases back home on installments. Today we are changing that.”
Shayaan Tahir, HomeShopping.pk Founder and CEO said, “We are delighted to expand our reach to bring easy installment purchases for overseas Pakistanis. During these challenging times when our fellow Pakistanis are not able to travel back home, specially for Eid, we are pleased to offer them a means to take care of their loved ones back home.”
Rise offers bank accounts that don’t require a minimum balance or salary, remittances, insurance products and consumer loans in both the UAE and migrant home countries. Last year Rise launched an insurance product with Axa, cross-border unsecured loans in the Philippines, a Buy Now, Pay Later product with Carrefour, and a credit fund through Astra Amco – one of the largest hedge funds globally and an early-stage Rise investor. Rise plans to start operations in Saudi Arabia and Bahrain later this year as well as expand its reach to merchants in other markets.
Rise is a migrant focused fintech looking to democratize access to essential financial services for low income migrants globally, helping them better manage their money and build a brighter future. Founded in 2016, Rise offers a range of savings, credit and insurance products specially designed keeping in mind the unique needs of migrants, in cooperation with partners globally.
HomeShopping.pk is Pakistan’s first and one of the leading managed marketplaces, home to over 3,000 local and international brands. Founded in 2008, HomeShopping.pk aims to provide the best online shopping experience to its customers – great selection at low prices, ease of use, fast delivery and the best customer service in the industry. It has received many global accolades including being nominated for the World Retail Awards in 2013.
© Press Release 2020
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