DigitalCFO Newsroom | 2 November 2022
BNPL is becoming a more common payment choice, and is expected to grow by 52.6% to reach US$733.9 million by the end of this year in Singapore alone.
Leading global fintech platform Airwallex today announced a Buy Now Pay Later (BNPL) functionality in partnership with Atome, Asia’s leading BNPL brand. Announced at this year’s Singapore Fintech Festival, the collaboration will enable Airwallex merchants to offer BNPL as a payment option to shoppers across Hong Kong, Indonesia, Malaysia and Singapore.
The partnership is Airwallex’s first tie-up with a BNPL provider, giving merchants an opportunity to increase their revenues while allowing them to diversify their payment options through flexible deferred payment options. In addition to BNPL, Airwallex also offers its merchants multi-currency card-based payment solutions with Visa, Mastercard and UnionPay, as well as over 20+ local payment methods across Hong Kong, Indonesia, Malaysia and Singapore.
“We are pleased to be partnering with Atome as we continue to find ways to better support businesses across Southeast Asia and Hong Kong,” said Arnold Chan, General Manager, Southeast Asia and Hong Kong, Airwallex. “We want to give businesses access to all the benefits of BNPL, which will not only help them increase revenues, but also create a more seamless customer experience for the longer term that will enable them to unlock new market opportunities.”
“BNPL is becoming an increasingly popular payment choice among shoppers today, particularly among the fast-growing Gen Z and millennial customer segment. With this partnership, millions of customers across the region can now shop and pay through flexible deferred payments at Airwallex merchants. This will help Airwallex merchants grow conversion rates and basket sizes, while increasing customer payment choice and flexibility,” said Jeremy Wong, Head of Strategic Partnerships, Atome.
Airwallex will expand its collaboration with Atome and soon enable its merchants1 to offer BNPL as a payment option to shoppers in Japan, the Philippines, and Thailand. This partnership follows Airwallex’s official launch in Singapore earlier in January and subsequent roll out of key offerings in its global payments suite. The company also raised US$100 million in its recent Series E2 fundraising round, and will continue to scale its reach and product offering globally.