Koko: Buy Now, Pay Later
Ever wanted to buy something in installments with your debit card? Here's how you can do it, with Koko!
A phrase you often hear with shopping promotions through credit cards, is to shop now, and pay later by installments, with zero interest.
Technical aspects aside, for consumers who don't have or use credit cards, there hasn't been an approach to pursue purchases in installments. Folks with a debit card pay the total cost of their purchase at the point of sale.
This is where Koko comes in. A payment gateway produced by Daraz, Koko allows you to pay for something by splitting your payment into 3 installments, with no incurred interest. This is regardless of whether you would use a debit or credit card to make the purchase. As long as merchant offers Koko, you may proceed with your heart's content.
Koko's Availability
Starting off fresh, Koko has quite an introduction of merchants already partnered with to offer the concept of "Buy Now, Pay Later".
Below is a category list of stores that has Koko currently integrated.
For a more updated list, please refer to the website links below.
How Does Koko Work?
Quite simple as breaking it down into 3 steps.
Step 1 - Download the Koko App
Koko is currently available on both the App Store and Google Play.
Upon completing installation, you require to sign up for an account to avail the services of Koko.
Step 2 - Shop With a Merchant That Accepts Koko
Depending on merchant support, Koko is integrated onto the merchant's website, in-store purchases, or even offline transactions. This all depends on the merchant itself, who may offer one or multiple options.
Step 3 - Checkout with Koko
It's a matter of selecting Koko as the payment method, and then to continue with the app when making the initial purchase installment. If you're shopping in-store, simply scan the QR code using the Koko app and pay.
What is Koko's Spending Limit?
You are initially given a starting amount as to how much you are able to spend, and this is upon first sign-up.
The Spending Limit is increased on how often you are paying your current installments on-time. You may also upload your documents (utility bill, monthly salary, etc.) to enhance your initial spending limit, all conditioned to verification approval.
Overall
The concept of Koko is welcoming, and should grab the attention of many consumers. As hands-on impression goes, paying with Koko worked as advertised. It would be interesting to see how the service diversifies in the long run, as more merchants sign-up for it.
The team at Koko has been quite responsive as well, in case if you do have any questions. I've dropped a few links below to know more about Koko.
— So give it a try, I'd say, and happy shopping!
DISCLAIMER: All images, videos, artwork and illustrations belong to the copyrighted owner. This post and it's contents are subjected to change and may/may not be updated based on the content specifics.
Last Revision: 06 September 2021
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