Federal Minister for Information Technology and Telecommunication Syed Amin Ul Haq launched an interest-free installment scheme to buy smartphones.
As per details, the smartphone-for-all scheme was launched for low-income people in collaboration with KistPay, Smartphone For All, an initiative aimed at making technology more accessible by allowing low-income people to buy mobile phones (smartphones) at easy interest-free installments.
According to the details, the Smartphone For All initiative has been launched in collaboration with Global System for Mobile Communications Association (GSMA) and Pakistan’s leading installment service, KistPay, a Buy Now Pay Later (BNPL), which is responsible for processing applications and providing the smartphones on easy interest-free installments.
Federal Minister Amin-ul-Haque said that anyone can obtain a mobile phone in interest-free installments by depositing a 20-30 percent down payment through the scheme. He added that applicants will not have to provide any guarantees or go through a lengthy application process.
Furthermore, he said that Smartphone For All scheme will provide easy 3 to 12 months of interest-free installments on mobile phones worth Rs. 10,000 to Rs. 100,000. He added that goal of this initiative was to make smartphones more accessible to people, who otherwise would not be able to afford them.
Addressing the launching ceremony, federal minister Amin Ul Haq said that under the scheme anyone can obtain a Smartphone easily just through CNIC, without any lengthy documentation hassle.
In the first phase smartphones worth 10,000 to Rs. 100,000 will be distributed in 3 to 12-month installments.