Buyers of luxury goods in the region can soon expect ‘buy now pay later’ (BNPL) solution for payment flexibility due to some fintech magic.
When it comes to the luxury goods e-commerce sector, the trend of Buy Now Pay Later (BNPL) has been catching on during the pandemic.
One luxury goods and retail firm that has jumped on the bandwagon in the region is offering 20 international brands up for the payment scheme after it partnered with a fintech provider of BNPL.
Through this partnership, Valiram’s brands in the region (consumer brands such as Michael Kors, TUMI, Victoria’s Secret, Bath & Body Works, Steve Madden as well as Nike in Thailand and Pedro in Malaysia) will be payable over three interest-free instalments.
The roll out will progressively extend to include more brands, where BNPL checkouts apply across all points-of-sale, including websites, mobile apps, and over 200 points-of-sale in Singapore, Malaysia, Thailand and Macau.
According to Mukesh Valiram, Executive Director, Valiram: “We are indeed excited with this partnership which will allow us to extend a new flexible payment option to our customers. Through this partnership, the brands under our group will be able to unlock a new segment of consumers.”
The partnership with fintech solutions provider Pace Enterprise offers the de rigueur attributes of a simple, accessible and transparent interface which gives users control over their budgeting and expenditure.
Said the fintech’s founder and CEO Turochas T Fuad: “Our aim is to change the way consumers in Asia Pacific shop, and we are proud to be partnering with remarkable brands and institutions to serve a traditionally underserved segment of customers.”
Beyond providing digital commerce solutions for Valiram, Pace has also secured multiple local and regional merchant partnerships with brands such as ALDO, Miniso, Swee Lee, OG, Benjamin Barker, and Motherswork.