SpherePay, a Singapore-based mobile app developed by payment services provider OPG Asia, has further enhanced its mobile payment app by adding new credit function that allows users to make purchases and pay for them later.

The new feature, called Advanced Credit, leverages QR Code to facilitate payment at any of SpherePay’s merchants.

First time users will be eligible for a credit amount of $300. The company intends to raise the credit limit based on the user’s spending pattern and repayment promptness.

“The Advance Credit will benefit those without credit cards especially students in tertiary schools, adults who have just started working and homemakers,” the company  spokesperson said.

The company claims that the approval process for advanced credit will be two hours, and users will have to pay back the credit within 30 to 45 days.

“We are trying our best to provide the most convenient way possible so that our users can get their Advanced Credit as fast as possible. In the near future, this processing time could be even as fast as 10 minutes,” the spokesperson added.

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In addition, SpherePay, which launched in Singapore last year, also unveiled plans to expand into Thailand, Indonesia and Malaysia this year and offer the newly announced Advanced Credit feature in those markets as well.