In a first, Absa credit card offers buy now, pay later options
If you’ve been patiently waiting for a great deal on buying that massive TV such as Samsung 98″ NEO-QLED going for 1.39 million at Hotpoint Appliances Sarit Centre, a washing machine, or better yet a cool freezer, Absa Kenya has a great deal that you can take advantage of.
What’s more, with increasing number of families’ income squeezed thin by inflation, holiday travel plans become harder to realize, but Absa has news for you on how you can get it done with ease.
Absa Bank Kenya has launched Buy now, Lipa pole pole, a product financing program that allows clients to purchase high-value products and pay in installments using their credit cards for up to 12 months, marking a first for the Kenyan market.
The new product, which the lender introduced in collaboration with electronics retailer HotPoint Appliances, will be expanded to cover other services including the installment payment of school fees.
Hotpoint Appliances is one of Kenya’s premier supplier of TV sets, washing machines, cookers, fridges, air conditioning systems, and an array of electronics.
Absa credit card customers will also be in a position to pay for holidays in a deal that Absa Kenya Customer Network Director Peter Mutua says will see the bank partner with airlines such as Kenya Airways and Qatar Airways.
Paying in installments will allow customers to spread out the cost of a purchase over a period of time. This can be particularly helpful for expensive items or unexpected expenses, as it will provide customers with financial flexibility by dividing the total amount into smaller, more manageable payments.
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“Buy now, Lipa pole pole provides customers with the flexibility to make high value purchases. We are pleased to partner with Hotpoint in the launch of Buy now, Lipa pole pole,” Mr Mutua explained.
Buy now, Lipa pole pole will see Absa customers make easier, simpler and faster purchase of high value products using their credit cards. Customers can scan QR code to sign up for an Absa credit card.
Using a credit card for purchases offers convenience, as you don’t have to carry large amounts of cash or visit an ATM frequently. You can simply swipe or tap your card to make a payment, making it quick and hassle-free.
Linda Kimani, Head of Cards issuing at Absa says the new product offers customers a wide range of possibilities including the power to choose instalment plan between three, six and 12 months to settle a purchase from their handset.
Paying in installments will help customers with budget management by allowing them to plan their expenses more effectively. Instead of paying a lump sum upfront, one can allocate a specific portion of their monthly budget to cover the installment payment, making it easier to track and manage your finances.
By using a credit card for installment payments, you may be able to earn rewards or take advantage of other cardholder benefits, such as extended warranties or purchase protection for products.
Linda adds that the product also opens doors for Absa Bank to partner with a wide array of merchants and enable customers to buy goods or services at flexible terms.
Now running on mobile, Absa plans to extend the Buy now, Lipa pole pole payment platforms to other payment channels as well as digital wallets.
