Since the Covid 19 pandemic, consumers have started to accept new digital trends, especially the payment industry. Innovative payment methods have started to take root replacing the conventional payment models. The development of the “Buy Now Pay Later (BNPL)” model has been a significant step towards improvement in the industry.
BNPL model allows customers to buy products and schedule payments over multiple installments without worrying about any additional cost. Users can spread out the payments over a payment window, which means users could get their favorite product right away with interest-free installments
Especially in Asia, the BNPL payment method has become a popular concept. Stakeholders like Atome are transforming the market by introducing customers to the Atome buy now pay later facility.
This article explores the dynamics of Atome payment in leading markets like Malaysia and Singapore and explores how consumers can benefit from BNPL payments.
What is Atome?
Atome is a market leader in the BNPL industry across Southeast Asia. Since the company’s launch in 2019, it has managed to become a market leader in Singapore, Hong Kong, Japan, Indonesia, and other regional territories. The brand has established partnerships with over 10,000 brands, including Marks and Spencer, Charles and Keith, and Zara. These partners allow domestic consumers to get the best terms on BNPL payments and conveniently charge-free installments using Atome payment.
Atome installment allows consumers to automatically divide their bills into three equal installments. Only the first installment needs to be paid at checkout, and the rest is scheduled after the first and second months. With on-time payments, consumers don’t have to pay any interest while using Atome payments.
Atome buy now pay later structure is designed to be merchant-friendly. Merchant can be paid upfront while an Atome user is still paying off the installments. Atome will be responsible for collecting the payment from consumers according to the installment schedule. The process allows businesses to improve their sales and expand their customer base.
The scale of the BNPL Market
The BNPL market is gradually becoming one of the most popular payment methods for customers. They are able to get their product prior than making the entire payment. The Model of BNPL is more conforms to the millennials, resulting in popularity gained among the younger audiences.
Recently, Bank of America report predicts that the global BNPL space could annually process between $650 billion and $1 trillion by 2025, which is roughly 10 to 15 times the current market.1
With the aggressive growth rate, BNPL payment options are expected to become a common product for eCommerce companies. Even in physical stores, the BNPL structure allows companies to increase their sales and target entirely new consumer segments.
What Makes Oceanpayment the Ideal Partner for Atome Payment
According to the e-commerce market report released by eMarketer, a global market research organization, the total e-commerce sales in Southeast Asia is expected to reach US$89.67 billion in 2022, a year-on-year increase of 20.3%.2
Oceanpayment has a thorough payment solution in the Southeast Asian market, which makes it the perfect partner to expand Atome payments in the region. With collaboration with Atome, Oceanpayment can help vendors to facilitate BNPL payments in the region. The localized support will also promote the development of the local market.
Localized products are valuable because the market structure and purchasing culture in Southeast Asia is different from other global regions. The preferences of consumers are consequently also different. Oceanpayment has been a well-known market leader in the region and has the required experience to ensure the success of the service with its professional support operations. Merchants can count on Oceanpayment to refine their existing operations and mitigate their risk.
Oceanpayment will prevent instances of security breaches and fraud with the implementation of the company’s real-time risk control system with protection before, during, and after events to create stable transactions for merchants. The company’s platform currently includes over 500 global payment products and is designed to accommodate merchants with the best array of services. The addition of Atome payment is another part of the company’s initiative to expand the scope of payment options for consumers in Asia.
Bridging the Existing Gap in the Market with Atome Installments
The expansion of BNPL payments has emerged as a significant step in expanding the overall scale of the industry. Payment processors like Atome overcome the shortcomings of the conventional market by providing a sustainable solution for customers. With support from Oceanpayment, the initiative can expand the scope of the deployment into a larger local market. The expansion of BNPL will also improve financial inclusion in the region by breaking down the barriers to accessing products.
Adding a BNPL partner like Atome helps users overcome the shortcomings of the typical credit card payment structure. Users are able to get access to payments in real-time without having to wait for the completion of the entire market period. The collaboration between Oceanpayment and Atome will also emerge as a significant step in expanding the overall scale of the market in Asia.
Integrate Atome Payments with Support from Oceanpayment
With “Buy Now Pay Later” payments becoming the fastest-growing payment method amongst consumers, it is becoming important for businesses to establish the required infrastructure to manage these payments. Oceanpayment helps businesses across the region with the integration of Atome Payment and allows customers to use Atome installment feature conveniently at checkout.
Kid Chan, the Product Director of Oceanpayment expressed optimism regarding on the growth of the global consumer segment. Highlighting the shift towards global financial inclusion, Chan emphasized on the importance of BNPL products as an effective tool to bridge the shortcomings in credit card payments. “Oceanpayment is simplifying BNPL deployment in the region with support from Atome payment to create a viable ecosystem.” Kid Chan said: “The collaboration between Oceanpayment and Atome will help merchants get the best solution for their needs. The collaborative deployment is designed specifically for merchants too connect with the Southeast Asian region.”
Oceanpayment allows merchants to improve their sales with our exclusive partnership with Atome Payment. We ensure our merchants are able to access digital consumers in Asia without worrying about the infrastructure. The expansion of the initiative with Atome is just another step in the direction of creating an expansive ecosystem.
1 Buy Now Pay Later and the future of credit https://www.electronicpaymentsinternational.com/sponsored/buy-now-pay-later-and-the-future-of-credit/
2 Southeast Asia sees the fastest digital sales growth in the world