DigitalCFO Newsroom | 1 September 2022
Atome Card rides on rising BNPL acceptance in the Philippines.
Asia United Bank (AUB) is riding on the growing momentum for buy-now-pay-later (BNPL) in the Philippines as it partners with Asia’s leading BNPL platform provider Atome and Singapore-based fintechMatchMove to launch Atome Card in the Philippines.
Wilfredo Rodriguez, AUB’s head of Operations and Technology Group, said BNPL allows Filipino consumers to pay less now without having to worry about interest rate hikes in the future.
According to the fourth-quarter 2021 BNPL Survey of Research and Markets.com, BNPL payment in the Philippines is expected to grow by 109.7% on an annual basis to reach US$803.5 million in 2022 as “consumers are increasingly looking for flexible and convenient payment solutions which allow them to manage their finances effectively.”
Mr Rodriguez said that Atome Card offers many Filipinos greater choice, flexibility, and access to quality products and services, extending the benefits of digital commerce to more consumers and businesses in the country.
“This tripartite partnership and innovation between a digital-first financial services provider like AUB, a BNPL leader like Atome, and a fintech like MatchMove will help further accelerate financial inclusion of the unbanked and underbanked in the Philippines,” he said.
Magic Tang, Atome Payment Partnerships Director, said this is the first time Atome is introducing the Atome Card to consumers in the Philippines, “thanks to the great partnership we enjoy with AUB and MatchMove.”
The Atome Card allows cardholders to pay online and in-store retailers by presenting their Atome Card during checkout. Consumers in the Philippines can register their interest for the Atome Card with one click, directly via the latest version of the Atome app or via this registration link: https://www.atome.ph/atome-card. There is no minimum income requirement. Selected consumers will receive an email inviting them to apply for the Atome Card.
The Atome Card offered in the Philippines has the following features:
- No fees: No annual fees, sign-up fees, or other hidden charges
- Instant approval: Easy application on mobile, no minimum income required
- Payment flexibility: Buy now, pay up to 45 days later with up to a ₱200,000 limit
- Shop anywhere: In-store or online, virtual, or physical card can be used anywhere Mastercard is accepted
- Puts you in control: Easily view/manage payment schedule, all in the Atome app
“We’re excited for the collaboration with Atome and AUB and the launch of the innovative Atome Card because it is aligned with the MatchMove goal of delivering secure and smooth spend, send and lend solutions. The Philippines has an increasing population of digital users, and the card not only reaches out to the underbanked sector but also empowers them by giving them the luxury of time, choice and seamless control of their finances,” said Shailesh Naik, CEO, MatchMove.
Since launching in the Philippines in October 2021, Atome has already forged partnerships with over 600 online and offline retailers, including The SM Store, Rustan’s online, Bench, Aldo, Charles & Keith, Forever 21, Watsons, The Body Shop, Innisfree, Converse, NEW Balance, URATEX, Anson’s, Anker, and Planet Sports. As Asia’s leading BNPL brand, it has over 15,000 online and offline retailers in 10 markets (Singapore, Indonesia, Malaysia, Hong Kong, Taiwan, Vietnam, Philippines, Thailand, mainland China, and Japan) and has popular K-pop group ASTRO as its first-ever global celebrity brand ambassador.