In an effort to make life easier for Thailand’s unbanked and underbanked, the country’s Kasikorn Bank has launched K PAY LATER.
The new product is a personal loan that provides credit line for purchasing consumer goods and necessities, under the banner of Shop Now, Pay Later.
To apply for the loan, which has a maxium limit of 20,000 baht, no income documents and no guarantees are needed.
The minimum purchase amount is 50 baht and users can pay in installments. Starting at only 11 baht per month, the maximum installment period is five months. A user cannot withdraw, or redeem the limit for cash. What’s more, if the customer repays on time, they can continue to use the credit and Kasikorn will consider increasing the credit limit, as well as offering other services.
K PAY LATER covers a wide range of categories, including department store supermarkets, convenience stores, gas stations, restaurants, home goods, equipment stores, and mobile phone and IT equipment stores
More than a 100,00 stores nationwide partcipate, including brands Tops Max Value, Big C, Makro, Central, Lawson, Family Mart, CJ Express, IKEA, Do Home, Boonthavorn, Jaymart IT, CITY, BANANA IT, and shops with KASIKORNBANK card swipe machines.