Kueski, a prominent buy now, pay later (BNPL) and online consumer lending platform in Latin America, has introduced an in-store version of its Kueski Pay feature. This new offering is set to be available to all consumers by the end of the second quarter of 2024, enabling users to seamlessly complete transactions through the Kueski mobile app even without internet connectivity, especially in physical retail settings.
This development is particularly significant in Mexico, where many individuals face challenges accessing traditional banking services or reliable internet connections while shopping in brick-and-mortar stores. Research from the Bank of Mexico indicates that a substantial 80% of retail transactions in the country are still conducted in cash. By addressing these obstacles, Kueski aims to foster stronger connections between millions of consumers and merchants, ultimately striving for financial inclusion for all.
Jaime Romero, the Chief Technology Officer at Kueski, emphasized the potential impact of enabling instant mobile payments irrespective of internet connectivity, describing it as a game-changer for the modern Mexican consumer. With a robust network of merchant partners in Mexico that continues to expand, Kueski is well-positioned to meet the evolving needs of consumers. Nearly 60% of Kueski users have expressed that they would not have completed their most recent purchase if Kueski Pay had not been available as a payment option.
Moreover, Kueski recently expanded its reach by integrating with Amazon Mexico and being accepted as a payment method by globally recognized brands such as Estée Lauder, MAC, Clinique, Adidas, and many others, as well as smaller businesses. With close to 16 million loans issued, Kueski has emerged as a leading BNPL provider and consumer lender in the region.
According to the “Upsurge of Latam BNPL” report by Morgan Stanley, Kueski Pay has emerged as the preferred choice for BNPL services among merchants in Latin America, boasting the highest penetration among the top 150 e-commerce retailers in Mexico. Kueski estimates that one in four of Mexico’s top e-commerce merchants now offers its BNPL service, indicating the platform’s growing popularity and success in the region.
