3 Buy Now Pay Later players thriving in Thailand
By Leandra Monteiro
The Buy Now Pay Later payment industry in Thailand has recorded strong growth over the last year, supported by increased e-commerce penetration along with the impact of economic slowdown due to disruption caused by the Covid-19 outbreak.
The medium to the long-term growth story of BNPL industry in Thailand remains strong. Buy Now Pay Later payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 33.0% during 2022-2028. The BNPL Gross Merchandise Value in the country will increase from US$1,783.8 million in 2021 to reach US$16,529.9 million by 2028.
Here are 3 BNPL players riding the way in Thailand:
Buy Now, Pay Later (BNPL) firm Atome announced that it has achieved 1 billion THB (US$26.3 million) in total gross merchandise value (GMV) since its launch in Thailand last September. Since its launch, Atome Thailand reports that it has partnered with 1,000 merchant brands across a wide spectrum of categories, including food and beverage, fashion, beauty and sports.
With the growing popularity of BNPL in Thailand, Atome said that it plans to continue expanding to newer categories such as hospitality, travel and lifestyle. The BNPL firm will also be launching Atome+, its in-app loyalty rewards programme, allowing consumers to earn points for purchases made using Atome across online and offline retailers.
Kasikornbank has launched K PAY LATER, the first Buy Now Pay Later facility launched by a bank in Thailand that offers BNPL features to consumers.
K PAY LATER enables its customers to buy products and services in instalments, with a maximum interest not exceeding 25% per year. The maximum loan limit is 20,000 baht, and applications are accessible as no documents or collaterals are needed.
However, the applicants need to be of Thai nationality, between the ages of 20 to 70, and have a savings account at Kasikornbank. If all the conditions are met their applications can get approved in as quick as three minutes. They can use the service to pay their utility bills, buy electronic gadgets and even pay for their social media ads.
Pace Enterprise is a hypergrowth FinTech startup operating in the Buy Now Pay Later (BNPL) industry with operations in Singapore, Malaysia, Hong Kong, Japan, Thailand and Taiwan. Pace enables its customers to spread their purchases across later payments, allowing them to shop for more at one time with no interest or hidden fees. It encourages people to take charge of their spending without giving up on the things they need or deserve.
ALSO READ: Global Lending Vendors & Landscape Report Q4 2022
IBSi Daily News Analysis
June 02, 2023
How wealth management firms can grow revenues in a declining marketRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
June 02, 2023