Southeast Asia-based Fave, a fast-growing Fintech firm, has introduced its Buy Now, Pay Later (BNPL) service for Singapore and Malaysian markets, offering more than 6 million Fave users with instant access to interest-free credit options. These flexible payment options are available at more than 40,000 stores (as a pilot for now).
The new BNPL service is currently available via the Fave app for iOS users today. An Android version will be rolled out next month, the announcement confirmed.
With the introduction of FavePay Later, which offers interest-free flexible payments through the Fave app, Fave aims to improve how consumers obtain and use credit.
Qualified Fave users may split purchases over three equal, interest-free instalments, the announcement noted while adding that repayments will be automatically drawn on a monthly basis. There will be no fees charged for on-time payments.
Customers may earn as much as 10% cashback with each purchase. FavePay Later is currently being offered to all Fave merchants based in Singapore and Malaysia. This includes marquee or major brands in retail verticals like Pandora, Marks & Spencer, Best Denki, Puma, GNC and many more.
The introduction of FavePay Later has come at a time of growing demand among consumers after prolonged periods of COVID-related lockdowns and other social restrictions. Cash-strapped customers might be looking for convenient access to credit solutions and merchants might be looking for new ways to revive their business.
FavePay Later is described as a hassle-free solution for merchants. There’s no additional integrations or platforms needed when using FavePay.
Merchants can potentially benefit from higher conversion, revenue and customer loyalty without taking on any additional risk; while allowing customers to make a purchase and pay over three interest-free instalments.
Joel Neoh, CEO of Fave, stated:
“As one of the leading payment apps in the region, we believe in pushing our boundaries and innovating to create better experiences. Our customers care about flexibility, convenience and rewards. FavePay Later is built with these customer needs in mind, and it leverages our consumers’ trust in the Fave brand. We are excited to continue providing technology that helps our customers shop better, especially in the lead up to the reopening of shopping post-COVID lockdowns.”
Neoh also mentioned:
“It’s also becoming increasingly critical for merchants to work with partners that have integrated solutions such as Fave who cater for cashless payments, loyalty, and now, instalment payments that ultimately take care of all the processing and risk for merchants. In addition, merchants gain access to valuable user behaviour data and insights via Favebiz.com.”
Recently, Fave opened up its API integration for digital commerce platforms in order to support FavePay payments with BNPL and loyalty cashback features. Fave will be extending its BNPL offering to large e-commerce firms across Southeast Asia during 2021.
In April 2021, Fave was acquired by Indian Fintech Pine Labs.