Kueski, the buy now, pay later (BNPL) and online consumer lender in Latin America, has launched an in-store version of Kueski Pay, which will become available to all consumers by the end of Q2 of 2024, to offer them the ability to complete transactions through the Kueski mobile app, regardless of internet connection, in physical stores.
Kueski explained that the launch could have a significant impact in Mexico, as many locals remain unable to access banking services or a reliable internet connection when shopping in person.
A study from the Bank of Mexico revealed that 80 per cent of retail transactions are still made in cash. By trying to remove these barriers, Kueski hopes to create greater connections between millions of consumers and merchants.
Ultimately, Kueski’s mission is to facilitate the financial lives of Mexicans, and this latest innovation represents a significant step toward financial inclusion for all. It is also the next step in meeting consumer demand, with almost 70 per cent of Kueski customers expressing interest in utilizing this payment option in physical stores.
Jaime Romero, chief technology officer at Kueski, explained: “Achieving instant mobile payments regardless of internet connectivity will be the ultimate game changer for the modern Mexican consumer.
“At Kueski, we have built one of the strongest merchant networks in Mexico and this only continues to grow. Nearly 60 per cent of our users state that if Kueski Pay hadn’t been a choice for paying for their last purchase, they wouldn’t have made it.
“With this payment option now easier than ever, our thousands of in-store partner merchants can capitalise on the desire to attract more customers and drive greater sales.”
Kueski Pay takes Latin America by storm
Kueski announced earlier this year that it is now available on Amazon Mexico and is a payment option for some of the world’s largest brands, including Estée Lauder, MAC, Clinique, Adidas and thousands more, as well as brands from small and medium-sized businesses.
Kueski continues to gain momentum as the strongest BNPL and consumer lender, with nearly 16 million loans issued.
According to the Upsurge of Latam BNPL report by Morgan Stanley, Kueski Pay is the preferred merchant partner for BNPL in Latin America and has the highest penetration in the top 150 e-commerce merchants in Mexico. Kueski now estimates that one in four of the top e-commerce merchants in Mexico is offering its BNPL service.
