Grab Offers More New PayLater Payment Options To Consumers
Merchants will be able to provide PayLater payment methods at checkout using the GrabPay wallet, allowing customers to buy what they want, when they want, and pay for it later without interest. Customers will have the option of making four interest-free payments (PayLater Instalments) or paying the following month (PayLater Postpaid).
More merchants offer PayLater options via GrabPay wallet
Zalora reported a 20% rise in new shoppers and a 15% increase in consumers utilising GrabPay to complete a purchase after Adyen introduced this postponed payment method on May 1. Customers who used Grab PayLater had bigger basket sizes than those who used Grab Wallets, which resulted in an increase in sales for the online merchant.
“We expanded our partnership with Adyen to offer PayLater to businesses, starting in Singapore and Malaysia, as many of our merchants are already integrated with Adyen via their existing APIs. This means they can now easily add deferred payment methods as another flexible option for their customers, at no extra cost,” said Chris Yeo, Managing Director and Head of GrabPay, Grab Financial Group.
“Buy Now, Pay Later options are becoming more popular in Asia, and we see demand growing. This partnership gives our merchants the ability to offer this payment method, so their shoppers have more flexibility in paying for their purchases via their preferred payment approach,” said Warren Hayashi, President of Asia-Pacific, Adyen.
Grab and Adyen have been working together since 2016 when the superapp chose Adyen to expand its GrabPay capabilities throughout Southeast Asia. The two firms collaborate closely to guarantee merchants have the quickest path to market while also optimising procedures and improving revenue.
Pokdepinion: Now this is useful. While personally, I am not a huge fan of paying for something later, I do understand that sometimes people need to use this payment option due to not having the means on hand at the time of purchase.
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