Kueski, the leading buy now, pay later (BNPL) and online consumer lender in Latin America, announced the launch of the in-store version of Kueski Pay, which will become available to all consumers by the end of Q2 of 2024.
With this innovative product, customers will have the ability to complete transactions through the Kueski mobile app, regardless of internet connection, in physical stores.
This solution is a paradigm shift in Mexico since most of the country’s consumers lack access to banking services or reliable internet connectivity when shopping in person. A study from the Bank of Mexico revealed that 80% of retail transactions are still made in cash. With these barriers removed, Kueski will create greater connections between millions of consumers and merchants.
"Achieving instant mobile payments regardless of internet connectivity will be the ultimate game changer for the modern Mexican consumer," said Jaime Romero, Chief Technology Officer at Kueski. “At Kueski, we have built one of the strongest merchant networks in Mexico and this only continues to grow. Nearly 60% 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 capitalize on the desire to attract more customers and drive greater sales.”
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% of Kueski customers expressing interest in utilizing this payment option in physical stores.
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 1 in 4 of the top e-commerce merchants in Mexico is offering its BNPL service.