Opn Payments integrates Atome’s BNPL payment mechanism in Malaysia and Singapore, offering increased flexibility and accessibility for customers.
Buy now, pay later (BNPL), which gives customers more flexibility and accessibility in their payment options, has completely changed the financial landscape in Malaysia and Singapore. Financial solutions provider Opn Payments has integrated Atome’s BNPL payment mechanism into its online payment platform in response to growing demand.
Customers can divide their payments for goods into three equal installments over the course of three months using Atome’s BNPL payment option without paying any additional fees or interest. This action intends to provide consumers, especially those without credit cards, with more convenient and affordable payment choices.
Ezra Don Harinsut, co-founder and president of Opn, said “We are excited to introduce Atome’s flexible payment method in Malaysia and Singapore as BNPL continues to attract a larger consumer base.” “The incorporation of Atome will aid merchants in expanding their operations while enhancing consumer access to and affordability of purchases.”
Due to its increased purchasing power and better access to financing, BNPL is becoming more and more popular in Malaysia and Singapore. The World Bank reports that Singapore has a credit card ownership rate of 41.7%, compared to 7.9% in Malaysia.
ResearchAndMarkets.com reports forecast significant growth for BNPL payments in both nations. Analysts predict that BNPL payments in Malaysia will increase by 23.6% annually, reaching $2,298.6 million by 2023. Similar predictions are made for Singapore, where analysts predict BNPL payments would reach $1,270.4 million in 2023 and a growth rate of 20.6% year.
Through the integration of Opn and Atome, shops using Opn Payments can access the more than one million users of Atome in Malaysia and Singapore. Consumers are more able to decide to buy higher-ticket items thanks to the improved affordability provided by BNPL, which increases conversion rates and basket sizes for retailers.
According to RBC Capital Markets, e-commerce companies might see a 20–30% increase in conversion rates and a 30–50% increase in average ticket size.
With Opn’s smart move, consumers will have more easy and accessible payment options for their purchases as well as more growth potential for retailers.