Razer Fintech Partners Rely To Offer ‘Buy-Now-Pay-Later’ For Merchants
Razer Fintech, the fintech arm of Razer, announced today (December 17) that it is partnering with Singaporean startup Rely to offer Buy It Now, Pay Later (BNPL) services to regional merchants registered under its merchant services Razer (RMS).
Through this partnership, RMS merchants will now be able to provide interest-free BNPL services to their customers.
This means that customers can instantly get the items they want, without having to pay the full cost up front.
With zero interest, it helps increase the likelihood for customers to make a purchase as they don’t have to incur additional fees.
RMS encompasses the online payments feed as a card processing gateway supporting global system cards and more than 110 payment methods for premier merchants.
According to Razer, it is also the largest offline payment network in the region with more than one million physical acceptance points.
“We are delighted to have partnered with Rely, a fast growing fintech that is already working with top notch merchants such as Qoo10 to extend their innovative BNPL solution to our extensive network of merchants in South East Asia,” said Lee Li Meng, CEO of Razer Fintech.
“Providing this timely access to Rely’s BNPL solution adds to our fintech offerings and further expands our digital payments ecosystem for our customers. This collaboration is also part of our long-standing commitment to continue to use our FinTech expertise to create new and innovative ways to meet the needs of a segment of young people and millennials. booming and digitally aware in Southeast Asia.
Buy now, pay later in Singapore
BNPL solutions are transforming the financial sector in Southeast Asia, home to millions of young tech-savvy consumers.
While it is debatable whether BNPL plans are risky or make people spend more, what cannot be denied is the new popularity and convenience of this payment choice.
As consumer preference has shifted to using debit rather than credit, the BNPL trend is definitely picking up in Singapore.
Besides Rely, there are already a few BNPL players in Singapore, including hoolah and Atom.
Even Grab recently jumped on the bandwagon, with the introduction of two new credit services aimed at helping customers buy now and pay later in March.
This includes a postpaid service that allows users to pay for their Grab services at the end of the month, and an installment payment product that will allow customers to spread their payments over a few months when shopping from Grab merchants.
According to a survey conducted by Finder in October 2020, nearly 1.1 million Singaporeans have used a BNPL service.
“We are delighted to partner with Razer Fintech to accelerate adoption of Rely’s BNPL service across its extensive network of merchants, including international brands in South East Asia. Rely has grown rapidly, especially among Millennial and Gen Z consumers, ”said Hizam Ismail, CEO of Rely.
“Through this partnership, millions of tech savvy young buyers have access to flexible, interest-free payment options right at their fingertips. We look forward to expanding our services to more traders and consumers in Singapore and the region. “
The partnership follows Rely’s recent funding of Goldbell Financial Services to process up to S $ 100 million in its “buy now, pay later” transactions.
Rely also announced plans to expand services to Singapore, Malaysia and South Korea.
Featured Image Credit: Razer / Rely
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