One Year of Mintpay: The origins of “Buy Now, Pay Later” in Sri Lanka

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Every market, in any nation, starts when someone chooses to be a pioneer. These are the brands that step forward to create a shift in the market that is still adapting to the growing needs of the consumers.

In September of 2020, as the world was undergoing major socio-economic shifts, Mintpay was launched. The entry of a Buy Now, Pay Later (BNPL) platform for the very first time in the still-nascent Sri Lankan market happened with the understanding of a growing trend regionally and globally. The buying power dynamic was slowly shifting. What was once a glacial transfer across generations was expedited with the rapid shift of swathes of consumers into the digital sphere, particularly the millennial and Gen Z populations.

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Spurred by the ongoing pandemic, consumer behaviour altered to embrace e-commerce to secure everything essential to day-to-day life.

Growth of Mintpay

As the months rolled by, it quickly became apparent that the Sri Lankan market (both consumers and businesses owners alike) quickly understood the tangible value and convenience presented by the “Buy now, pay later” option. Consumers enjoyed the flexibility and convenience that had never been a part of online transactions in Sri Lanka.

It is no surprise to see this rapid adoption taking place locally, particularly given how the current data is showing that the BNPL space in South East Asia alone is expected to reach US$33.6 billion in 2027.

In conjunction with the growth of the Mintpay brand across institutions, consumers and the island, the brand has successfully retained its audience by staying true to its promises. For example, Mintpay promises visitors a no hidden fee policy across all the stores it supports. It has maintained this policy across all the new e-commerce verticals it has onboarded since its launch. Amidst the lockdowns, Mintpay has carefully maintained and enforced this policy across all the new e-commerce verticals it has onboarded over the past year.

Furthermore, Mintpay has empowered its customers by developing a unique platform in its Artificial Intelligence and Computer Vision-driven foundation. This platform also offers a seamless user experience that saves time and allows them to make purchases without waiting for manual verification while ensuring that transaction behaviours and user reputation are monitored. These mechanisms work cohesively to help monitor anyone who may need to begin controlling their purchasing.

Replacing traditional purchasing trends

For many people, Mintpay has gradually replaced traditional purchasing patterns and opened up a space where local economies can thrive. As any good business can attest, when your service provides value to its customers, there will be growth in leaps and bounds lying in wait.

With a Mintpay Store Directory that initially was created with a dozen businesses, the brand now has catapulted to being a valued partner to some of the most reputable retail businesses in Sri Lanka. Providing access to affordable payments for more than 100 brands, Mintpay has certainly solidified its position in Sri Lanka over the past 12 months.

Leading retail brands in Sri Lanka now use Mintpay as their trusted Buy Now, Pay Later platform. This is a vote of confidence that speaks of the acceptance and entrenchment of Mintpay as the pioneer locally.

As a brand committed to transparency, consistency and a vested interest in bringing value to its consumers, Mintpay is poised to redefine how payments are made in the coming years.

Motivated by a greater vision

Mintpay is motivated by a greater vision in which consumers can own their shopping freedom while embodying the brand’s ethos of celebrating other local businesses and advocating responsible shopping. Mintpay is currently working on a range of new developments to stay ahead of the curve. These developments and new products are expected to roll out in the coming months to bring greater ease and convenience to consumers and merchants alike.

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