Germany-based global provider of digital payments and commerce solutions Wirecard announced on Tuesday it is set to launch an installment payment plan (IPP) on Shopee, an e-commerce platform in Southeast Asia and Taiwan. According to Wirecard, the IPP will be rolled out to selected Shopee sellers in Singapore, who will receive full settlement upon order completion.
“The new feature enables customers in Singapore to pay for big-ticket items on Shopee and is available to all users who hold a credit card from any of the three local banks. Shopee users can choose to pay for purchases in fixed monthly payments over periods of 6 or 12 months. Customers purchasing from selected retailers on Shopee with a minimum transaction of SGD200 will be eligible for the IPP.”
Speaking about the IPP, Alson Lau, Head of Business Development at Wirecard Asia Pacific, stated:
“We are excited to collaborate with Shopee to offer Wirecard’s multi-acquirer IPP solution to customers in Singapore, enabling them to choose from any of the three local banks when purchasing online. According to latest stats, more than half of global shoppers are buying big-ticket items such as electronics online. The new feature will offer customers an easy and affordable way to indulge in their shopping pleasures, and we look forward to continually improve the payment experience for them.”
Zhou Junjie, Chief Commercial Officer at Shopee, went on to add:
“The new solution provided by Wirecard allows users to shop without financial restraints by using their credit cards to pay for big-ticket items in fixed monthly payments. Offering an interest-free installment plan is a win-win situation for both consumers, who can opt to spread their payments over a certain period at no additional cost, and sellers, who will still receive the full settlement upon order completion. This new feature will give users more flexibility and options, improving the end-to-end shopping experience.”