Tag: Payment Solution

Singapore – SHOPLINE, the global smart commerce platform, has announced a regional partnership with buy now pay later platform Atome, allowing online businesses to accept Atome’s buy-now-pay-later function as a payment option.

With the new service, merchants in Hong Kong, Singapore, Malaysia, and Taiwan will be able to better cater their younger customers. The payment solution consists of three zero-interest instalments, including the first one at the point of purchase and two over time with no annual fees or service fees. It also translates to a higher conversion rate, order value and customer retention, especially for higher-priced products.

Joshua Qiao, General Manager, SHOPLINE Cross Border, said BNPL has taken off for a new generation of consumers and is expected to grow to US$1.2 Trillion in 2024. In the bid to optimise customer experiences, the partnership with Atome seeks to provide an effective digital experience that revolutionises the way their merchants serve their customers. Connecting payments to specific purchases over a period of time gives the power back to consumers as it changes the perception of debt and enables them to purchase big ticket items without the interest fees.

“The partnership with Atome offers the flexibility, transparency and seamless customer experience that resonates with younger consumers who are increasingly judicious with the debts that they take on, favouring BNPL options over credit card and other forms of payments. This is synonymous with SHOPLINE’s mission to continually offer best in class solutions for our merchants to build autonomous, powerful and thriving omnichannel brands,” Qiao said.

While BNPL is becoming more popular among all age groups, millennials and Gen Z consumers who appreciate the convenience of instalment payment option over traditional bank or credit card options have shown the highest growth in adoption. 

Meanwhile, Atome’s Regional Head of Strategic Partnership Jeremy Wong, commented, “More than ever, young consumers today want flexibility, transparency and a better, more personalised shopping and payment experience.”

Wong added, “Our regional partnership with SHOPLINE will support thousands of merchants across Greater China and Southeast Asia in enabling a superior, secure Buy Now, Pay Later checkout experience for consumers, both in-store and online. This in turn will improve customer conversion, increase average orders and repeat sales.” 

After launching in Hong Kong, Singapore, Malaysia and Taiwan, SHOPLINE plans to expand the strategic partnership with Atome later this year to include other Asian markets such as Indonesia. 

Singapore – Singapore-based shopping and rewards platform ShopBack, has launched ShopBack Pay, a cashless payment feature to make payments more convenient and rewarding for consumers.

In a single app, consumers can now pay it their way by linking their favourite payment methods and making their in-store purchases easily, as well as stack additional cashback on top of rewards from their preferred payment method.

The new feature excludes the need for users to top up funds on ShopBack Pay, instead allowing them to simply link their preferred payment method (Mastercard, Visa, or GrabPay) available on the ShopBack app, and in-store payments will be directly debited from the linked payment method in real-time.

On top of the cashback offered by ShopBack Pay merchants, users will also receive rewards from their preferred payment methods, such as credit card benefits and the ability to earn GrabRewards points. ShopBack Pay’s QR scan and pay feature, which is available on its app, will allow users to make payments at physical stores as well. 

Julian Foo, head of payments at ShopBack, shared, “Our goal at ShopBack has always been to add value to and shape one’s shopping experience with ShopBack Pay, right from the start when users easily discover merchants on the app to making their payments with cashback as a loyalty scheme.” 

Kanika Maheshwari, head of consumer segment at Grab Financial Group Singapore, commented, “We want to provide the most rewarding and convenient payment experience to our GrabPay users by enabling the widest range of online and offline payment methods, as well as helping them maximise the value out of every dollar they spend. Through this collaboration, GrabPay users can not only earn GrabRewards points from their transactions, but also gain additional cashback incentives via ShopBack Pay.”

The ShopBack Pay feature, which has onboarded over 3,000 merchants since its pilot launch on January 17, will be available to ShopBack’s 2 million users. In addition, ShopBack has partnered Grab to drive the use of GrabPay on ShopBack Pay so users can maximise the cashback benefits and rewards from both platforms. 

Furthermore, ShopBack Pay users will receive a $2 incentive reward on their first ShopBack Pay transaction linked to GrabPay from March 8 until May 31, 2022. During the same time period, first-time ShopBack Pay members will receive 100% cashback on their first transaction, with a $5 minimum expenditure and a $5 maximum cashback. Existing ShopBack users are also eligible for this offer.