Fave, a Fintech company, announced today (June 28) that it has launched its “Buy Now, Pay Later” (BNPL) service in Singapore and Malaysia.
This pilot will provide more than six million Fave users with instant access to interest-free credit that will be used in more than 40,000 stores. The service is available in the Fave app for iOS users today, followed by a version of Android in July 2021.
Called FavePay later, the service offers flexible interest-free payments to the Fave app.
Eligible Fave users will be able to split purchases into three equal, interest-free installments. Refunds will be made automatically each month, with no charge for one-time payments.
In addition, customers can get up to 10% cash back with each purchase.
FavePay Later is available at all Fave merchants in Singapore, including brands such as Pandora, Marks & Spencer, Best Denki, Puma, GNC and more.
Fave said it will extend its BNPL offering to some of Southeast Asia’s largest online trading companies during mid-2021.
The firm recently opened its API integration for online e-commerce platforms to support FavePay payments with cash return features now and later
As one of the region’s leading payment apps, we believe in pushing our limits and innovating to create better experiences. Our customers care about flexibility, comfort and benefits. FavePay Later is built with these customer needs in mind and leverages the confidence of our consumers in the Fave brand.
Joel Neoh, CEO of Fave
BNPL is about to grow rapidly
BNPL services help by reducing the initial cost to buyers, making their purchases more economically manageable. This increases the likelihood that customers will “check” their purchases and reduce the abandonment of shopping carts.
With the option to spread their payments over time, consumer baskets have also grown.
In accordance with Juniper ResearchBNPL services will account for more than 24% of international e-commerce transactions of physical goods by value in 2026. This exceeds the new% of 2021.
According to the financial comparison platform, approximately 38% of Singaporeans, or 2.2 million people, have used a BNPL service. Search engine. This testifies to the phenomenal growth of BNPL startups in Singapore.
The launch of FavePay Later comes at a time of accumulated demand among consumers after prolonged periods of deadlock and social constraints, with resource-poor consumers seeking easier access to credit and merchants looking for innovative ways to revive sales in difficulty.
“We are excited to continue to provide technology that helps our customers buy better, especially before the reopening of post-COVID shopping closures,” Joel added.
Featured Image Credit: KrAsia
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