Debit card users now have access to credit limits to shop online and offline. Thanks to the latest venture by Alibaba’s Daraz; ‘Koko’ the latest mobile app-based payment platform allows customers to “Buy Now, and Pay Later” in three interest-free instalments.
These three instalments can be spread over 60 days via a Debit Card. As opposed to more traditional payment schemes, Koko does not hold the full value of the purchase from a shoppers Debit card. It is the best way to shop to your heart’s content without worrying about breaking the bank. Not only is it convenient and hassle free, it also allows users to better manage their finances during these unprecedented times.
Koko is user friendly and anyone can get started easily by simply downloading the app on their mobile phone and registering. Within approximately a minute of downloading, you will receive approvals on the spending limit.
Debit Card users will be entitled to an average of Rs.15,000 to shop either online or instore. After downloading customers would next be led to the shopping tab from which they can browse through all the available merchants. Before shopping, customers need to ensure that they tap on the My Koko section of the app and link their Debit card. To increase the spending limit, customers are encouraged to upload their NIC, most recent salary slips and utility bill. Through these Koko will conduct a soft credit check on each new customer, ensuring that they are able to pay later.