livi bank, which is notably one of Hong Kong’s eight digital banks, is now offering a Buy Now, Pay Later (BNPL) service with the introduction of livi PayLater that provides an instant installment option along with a virtual Mastercard debit card.
The livi PayLater BNPL solution comes with automatic installments and flexible repayment periods ranging from 3 to 36 months. The pay-over-time option is available for transactions valued at HKD 100 (and the approved credit limit).
livi’s management noted that clients are able to get approval within seconds with a quick application process and transparent monthly fees.
Clients will receive a handling fee waiver for up to 3 months on livi PayLater transactions. They’ll have the option to pay back their installment spending in full so that they are not charged any extra fees.
By having the virtual livi PayLater Mastercard debit card and being able to add it to their digital wallets, clients are able to make convenient purchases online and at in-store locations as well.
Transactions performed with the card get split into more manageable installments during the repayment period selected by the client, with no additional applications needed.
Clients can then conveniently manage their installment spending via the livi banking app.
Livi bank’s latest announcement has come when the BNPL sector in Southeast Asia has become quite crowded with major competitors such as Grab, GoJek, Razer and Oriente taking part in this new trend.
Carol Hung, Chief Product Officer at livi bank, stated:
“Consumers in Hong Kong are in constant search for smarter, more flexible payment options that meet their daily spending needs. livi’s existing payment products offer great convenience to our customers, but we didn’t stop there. With livi PayLater, our customers not only benefit from one of the most competitive instalment financing offers in Hong Kong, they also have the capacity to gain greater control of their spending and create the financial flexibility to help them to live life to the full.”