BillEase operator First Digital Finance Corp. (FDFC) is teaming up with an Indonesia-based financial technology (fintech) player Xendit to offer “pay later” solution via cardless installments.
The collaboration allows Xendit’s merchants to include BillEase as a payment option for consumers, who are usually unbanked or uncarded.
“By offering BillEase at checkout, merchants can give their customers the option to split the cost of their purchases into installments either monthly or bi-weekly with no hidden fees,” FDFC said.
The customers may pay for their purchases online via installments over a period of 3, 6, 9 or 12 months with monthly interest rates ranging from 0 percent to 3.49 percent.
Amid the digital shift, FDFC CEO and Co-Founder Georg Steiger said consumers are looking for alternative methods to pay online transactions and merchants who can offer such flexible payment options.
“We’re excited to partner with Xendit to help Filipino merchants grow more by removing unnecessary challenges customers face at checkout, especially for those who are unable to use credit and debit cards,” he added.
Yang Yang Zhang, Managing Director of Xendit Philippines, said the firm’s partnership with FDFC was necessary given the increasing demand for installment solutions.
“At Xendit, we aim to give our merchants the options needed to help their business grow by offering all types of payment methods,” the Xendit official said. “That’s why we’re excited to bring our PayLater solution to online retailers in the country.”
Y Combinator-backed fintech firm Xendit enables businesses to accept and send payments across multiple channels, including debit and credit cards, online banking, e-wallets, over-the-counter outlets and online installments.
Recently, FDFC said in an interview with the BusinessMirror that it was eyeing to at least double the transactions and credit disbursal for Billease this year, driven by its partner merchants.
With this, the fintech firm said that it was focused on scaling up its “buy now, pay later” partnerships.
The digital credit app operator teamed up with several e-commerce firms including DragonPay, Shopify, Magento, Prestashop and WooCommerce last year to launch the installment payment scheme. Last month, BillEase partnered with insurance technology startup Maria Health to provide accessible health coverage.
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