FINTECH company First Digital Finance Corp. (FDFC) announced that it is expanding its zero-interest “buy now, pay later” (BNPL) scheme in the country to include short-term offerings.
FDFC, which operates the “BillEase” brand platform, said in a statement their new offering allows online retailers to give their customers the option to split payment for purchases between P1,000 and P 25,000 or more. The first payment, which is 25 percent of the amount, will be due at the time of transaction while the rest will be in three bi-weekly installments, the financial technology (fintech) firm said.
For smaller purchases, customers can also select to pay later on their next payday or 10 to 20 days for any purchase below P1,000 at zero interest.
The FDFC statement said this addition of short-term payment plans aims at allowing a merchant to increase customer loyalty as well as boost customer purchasing power, resulting in increased transaction sizes and higher order values.
“We are thrilled to announce the extension of our Buy Now, Pay Later product with shorter, more flexible payment options providing merchants a card-free installment solution to their customers,” FDFC CEO and Co-Founder Georg Steiger said.
“For merchants, finding new ways to grow revenue without taking on any risk is really important. We’re offering the exact solution that they’re looking for to acquire new customers and to encourage loyalty as customers are more likely to purchase and repeat purchases at merchants that offer interest-free installments at checkout,” Steiger added.
BillEase is also offering longer payment plans which allow consumers to pay monthly for large purchases and stretch their funds to increase buying power. Customers can select longer terms at merchant checkout and pay only 1/3 upfront and the rest over 3, 6, 9, or 12 months. Interest, however, will depend on merchant terms.