Buy now, pay later (BNPL) has become a game-changer in the financial landscape of Malaysia and Singapore, offering consumers greater flexibility and accessibility in their payment choices. Responding to rising demand, Opn Payments, a financial solutions company, has integrated Atome‘s BNPL payment method into its online payment platform.
Atome’s BNPL payment method lets consumers spread out their payments for purchases into three equal installments over three months, without any additional fees or interest. This move aims to offer more accessible and affordable payment options for consumers, particularly those without credit cards.
“We are excited to introduce Atome’s flexible payment method in Malaysia and Singapore as BNPL continues to attract a larger consumer base,” said Ezra Don Harinsut, co-founder and president of Opn. “The integration of Atome will help merchants grow their business while making purchases more accessible and affordable for consumers.”
The popularity of BNPL is on the rise in Malaysia and Singapore, as it provides easier access to credit and higher purchasing power for consumers. According to the World Bank, the credit card ownership rate in Malaysia is 7.9 per cent, while in Singapore, it stands at 41.7 per cent.
Reports from ResearchAndMarkets.com also predicts strong growth for BNPL payments in both countries. In Malaysia, analysts project a 23.6 per cent annual growth for BNPL payments, reaching $2,298.6million by 2023. Similarly, in Singapore, experts anticipate a 20.6 per cent annual growth, with BNPL payments amounting to $1,270.4million in 2023.
Opn’s integration with Atome allows retailers utilising Opn Payments to tap into Atome’s customer base, which exceeds a million users in both Malaysia and Singapore. The enhanced affordability offered by BNPL empowers consumers to make purchase decisions for larger-ticket items, leading to increased conversion rates and basket sizes for merchants.
E-commerce businesses can experience a boost in conversion rates by 20-30 per cent and an increase in the average ticket size by 30-50 per cent, according to RBC Capital Markets.
Opn’s strategic move is set to empower merchants with growth opportunities, while also granting consumers a more convenient and accessible payment option for their purchases.
