in its vision to create a better life for consumers through greater financial access and technology. In the first three months since its soft launch, Atome has seen an 11X growth in gross transaction volume on its platform. Since the circuit breaker started in March, it has also seen a 230 per cent growth in online transactions. 70 per cent of Atome's customers are millennials aged between years old. Its study found that 42% of Gen Z and 69% of millennial shoppers are more likely to purchase items if a BNPL service is offered. Younger shoppers’ concerns about credit card interest, hidden fees and revolving debt have led to the growing trend away from the use of credit cards, Afterpay said. Klarna, for example, has doubled the number of its U.S. customers to 11 million in the past year, including 2 million monthly active users, he said, adding they are “overwhelmingly millennials” who are debit card holders.
hoolah is a FinTech business providing instalment payments with zero interest. We are currently focused on online merchants – particularly in the retail, travel and airline verticals in Singapore. We are expanding quickly across the Asia region and into physical buy now pay later singapore stores too. Unlike otherbuy-now-pay-laterplans, Splitit lets shoppers use their existing credit card for the easiest most intuitive checkout. Launched in Singapore in November 2017, SpherePay has over 60,000 users in Singapore and over 100 merchants.
Atome allows customers to split their purchases into three equal payments over time with zero interest, hidden charges or annual fees. Atome has since expanded to Malaysia, Indonesia, Hong Kong and Vietnam. Simply shop online, add items to your shopping bag and checkout as normal. At checkout, choose Installments by Afterpay as your payment method. First time customers will need to register with Afterpay and provide payment details as usual, returning customers simply log in to make their purchase.

The survey found most people use these plans to avoid paying credit card interest or buying something not in their budget. Two-thirds of BNPL users said they are buying jewelry and other “want” items that they might not otherwise get, according to the survey.
As the popularity of pay later rises, there have been some concerns among industry watchers about its risk, as it could give a false sense of affordability which could lead consumers to easily falling behind on payments. Responding to this, Thornton said that Hoolah promotes affordability in a “responsible manner” for customers. The second category of BNPL companies is aimed at affordability, such as what Klarna or PayPal credit may offer. These work largely like credit cards, with a credit cycle of up to a few weeks, credit score implications, and a tiered system of payments settlement. This demographic is the sweet spot for companies like Simpl, because they are acclimatized to online shopping, and at the same time, have the purchasing power to spend. For these Gen Y shoppers, the credit card has become an old-school experience, Sharma says. If you have changed your mind, you can return your Afterpay purchase to esteelauder.com by mail for a refund.

Brazil's central bank said that it will evaluate the risk the feature poses to the domestic payment system and regulatory compliance. On 10 June 2020 Verrency announced a new "Pay Later" feature on its payment API platform for banks and issuers. This leverages an increasingly popular payment method where users pay in instalments. After the end of the Brexit transition period, the UK will remain a participant in SEPA. However, the UK will be treated as a non-EEA jurisdiction, so the relevant rules would apply to SEPA credit transfers and SEPA direct debit transactions with the UK. The Delegated Regulation came into effect on 9 July 2020, but the additions to the list only apply from 1 October 2020. On 17 June 2020 the Council of the EU approved conclusions which call on Member States and the European Commission to do more to tackle serious and organised crime and make financial investigations a top priority.
Loyalty Program Encourage your customers to come back, while you learn more about them. Erply POS Erply’s cloud-based POS is easy to use and runs on any device, so you can run your business the way you want. Switch from Server POS Modernize your POS and watch your business soar to new heights in the cloud.
Some examples are 12/12, 10/10, 9/9, and that’s just across some of the retailers we see in Asia. In Australia and in the US, following the growing popularity of “buy now, pay later” payment, Afterpay has also added 14 and 15 August as Afterpay Day. Personalizing the store experience, providing the option to pay anywhere in the store via mobile point-of-sale or even simply letting customers tap and pay using contactless payment methods are some ways to do this. A single payments platform to accept payments anywhere, on any device. ACI Worldwide also notes that this increase has occurred despite the easing of COVID-19 restrictions, which may indicate a more permanent behavioural shift in consumers towards online shopping. 43% of respondents said that they would continue to use contactless payments more for in-store transactions after COVID-19. Nearly half of respondents plan to move away from cash payments, even after COVID-19 passes.

Other payment service providers can apply to join the EPI as a founding member until the end of 2020. The EPC also confirmed what SEPA instructions involving a UK-based participant should contain from 1 January 2021. If the required transaction details aren't included, transactions could be rejected. Therefore, SEPA payment scheme participants should identify cross-border SEPA transactions involving the UK, and inform the relevant customers about the data requirements. On 14 July 2020 the EPC confirmed the measures which payment service providers should take to ensure that cross-border payments involving UK-based payment scheme participants run smoothly after 31 December 2020. The FCA's restrictions were imposed on 26 June 2020 following news that Wirecard's German parent company filed for insolvency in light of its accounting issues.
But beware of hidden fees and know that missing payments could hurt your credit score. Again, this is driven by retailers’ and ecommerce platforms to enable seamless digital payments and customer loyalty. The growth of contactless payments via cards and mobile wallets is a phenomenon that we see globally, especially in Asia Pacific where mobile penetration rates are high. Needless to say, to target mobile-first Chinese shoppers, retailers will need to provide Chinese payment methods including wallets like Ailpay and WeChat Pay.

“Buy now, pay later” is also becoming very popular especially among the younger audience. Installment payments offer shoppers greater flexibility, and this is not just for big-ticket items like electronics or furniture. Payments are definitely an important consideration during these events, given the great opportunity cost. What’s also noteworthy is that it’s influenced other retailers to not only jump on the Singles’ Day bandwagon, but also create shopping events inspired by the 11/11 shopping date.
For example, South Korea reported an increase of 34.3% in March 2020 compared to March 2019. On 9 July 2020 GlobalData published a press release on the increasing popularity of digital payments across the Asia-Pacific region. It expects total card payments in the region to grow by 6.5% and reach $20.3 trillion this year. This survey was conducted in the context of the partnership's "Stay Secure" campaign which aims to help consumers use digital payments safely and reduce fraud.