With HOT SALE expanding to omnichannel for the first time, consumers can now make card-free payments online & in-store with Buy-Now, Pay-Later product Kueski Pay
GUADALAJARA, MEXICO / ACCESSWIRE / April 12, 2022 / Kueski, one of the largest Buy-Now, Pay-Later (BNPL) and online consumer lenders in Latin America, today announced it will be the first non-bank Main Sponsor for Mexico's "HOT SALE", which is the country's largest sales campaign that offers access to discounts and exclusive promotions on a wide variety of products and services. HOT SALE is organized by the Mexican Association of Online Sales (AMVO) to promote the digital economy and highlight the benefits of e-commerce for companies and consumers.
The ninth edition of HOT SALE will take place from Monday, May 23 to Tuesday, May 31, 2022, and Mexican consumers will get early access to the sale when checking out with Kueski Pay, making it the preferred payment method for the event. The program has become a growth catalyst for many small and midsize enterprises (SME) that increase their sales and reach by offering their products and services online. Merchants that offer Kueski Pay empower consumers who do not have bank accounts to shop online, while offering interest-free payment plans.
HOT SALE has proven immensely popular with Mexican consumers, having seen exponential growth since it launched in 2014. Last year, HOT SALE reported over 11.9 million purchase orders and 5.8 million new buyers. The participating merchants sold 15.6 million items and had 567 million visits to their websites. Given the magnitude of the initiative, Kueski Pay is expected to see significant growth and increased adoption among consumers and merchants.
"E-commerce plays an important role in expanding opportunities for SMEs throughout Mexico, while offering consumers broader access to competitive products and services," said Adalberto Flores, founder and CEO of Kueski. "Kueski Pay bridges the gap between Mexico's unbanked population - which has been excluded from participating in the e-commerce market - by providing access to a digital payment method that requires no bank account while extending access to interest-free and transparent financing options."
By leveraging its AI and ML-powered credit decisioning model to expand access to financial products, Kueski has emerged as the market leader in Mexico. The fintech company recently reported that its loan transactions are totaling nearly $1 billion with one million consumers and six million loans, which was driven by its thousands of merchants integrated into Kueski Pay and strong performance for its cash loan product Kueski Cash. In Q4 2021, Kueski launched its BNPL product in brick-and-mortar stores and is now offered in over 700 stores throughout Mexico, with hundreds more expected over the next few months.
"Reducing the financial gap at the base of the population pyramid is a primary objective for the AMVO. The integration of Kueski Pay as the main sponsor of the ninth edition of HOT SALE reflects a natural evolution to get more people to participate in the digital economy and e-commerce in Mexico", said Pierre Blaise, general director of AMVO.
About Kueski
Kueski is one of the largest Buy-Now, Pay-Later (BNPL) and online consumer lending companies in Latin America, providing financial services to consumers through three innovative products: Kueski Pay (BNPL), Kueski Cash (personal loans), and Kueski Up (salary advances). Founded with the mission of making the financial lives of people in Mexico easier, Kueski leverages the use of technologies such as Artificial Intelligence and Big Data to expand access to traditional financial products and services. Kueski has raised over $300M in equity & debt financing.
About HOT SALE
HOT SALE is the largest online sales campaign that offers access to discounts and exclusive promotions in Internet purchases, and is an initiative created by the Mexican Association of Online Sales (AMVO) with the aim of stimulating the use of electronic commerce in Mexico. The ninth edition of HOT SALE will take place from May 23 to 31, 2022. More information: www.hotsale.com.mx
About AMVO
The Mexican Association of Online Sales, A.C. (AMVO) is a civil non-profit organization established in 2014 with the purpose of supporting and promoting the development of electronic commerce and the digital economy in Mexico. The AMVO brings together more than 500 Mexican and international companies (startups, brick-and-mortars, agencies and pure players) from the retail, fashion, travel, financial services sectors, among others, that seek to develop their electronic commerce presence and apply the best practices of the industry. More information: www.amvo.org.mx
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SOURCE: Kueski