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February 23, 2021

AsiaPay enters partnership with buy now pay later platform Atome

Hong Kong-based digital payment solutions provider AsiaPay has entered into a new partnership with ‘buy now pay later’ platform Atome.

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What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
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  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
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The partnership will enable flexible instalment payment acceptance at online and offline retail businesses across the Asia-Pacific (APAC) region.

Particularly, the collaboration will seek to streamline integration to improve ‘buy now pay later’ payment convenience and acceptance at checkouts across offline and online channels.

AsiaPay CEO Joseph Chan said: “The move towards digital payments across Asia is accelerating and there is increasing merchant demand for a complete integrated payment acceptance solution to optimize sales and business conversion.

“Buy now, pay later plans are growing in popularity among customers in Asia who are seeking more financial flexibility when shopping either in-store or online. We are thrilled to partner with Atome who can enhance the sales conversion of merchants in Asia with BNPL convenience and provide merchants with a flexible payment alternative that boosts customer experience.”

Launched in 2019, Atome is a leading ‘buy now pay later’ technology company based in Singapore.

It counts more than 2,000 online and offline retailers in six markets (Singapore, Indonesia, Malaysia, Hong Kong, Vietnam and mainland China) as its partners.

Atome CEO David Chen said: “Now, more than ever, consumers want flexibility, transparency and a better, more personalised shopping and payment experience.

“This exciting partnership with AsiaPay will support thousands of businesses across the region in enabling a superior, seamless checkout experience for consumers, both in store and online websites.”

Last month, AsiaPay partnered with Zip to facilitate buy now, pay later instalment payment service for Australian merchants.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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