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.”