SpherePay introduces ‘Buy Now Pay Later’ feature to mobile payment app
Local mobile payment app, SpherePay, is the first and only mobile payment app in Singapore to introduce an Advanced Credit function. It is a buy-now-pay-later payment scheme, allowing users to make purchases at any of SpherePay’s merchants, then repay within 30 to 45 days. This is not a new concept to Singaporeans, as it is what traditional credit cards and installment payments offer. However, SpherePay is staying ahead of the competition by bringing this concept to a mobile payment app.
Users 18 years old and above are eligible to sign up for the SpherePay mobile app and apply for the Advanced Credit function via the app, making it very appealing for consumers who do not have a credit card, such as students or adults who have just started working. Currently, the processing time for users to get their Advanced Credit is within 2 hours, whereby users can use the credit to purchase from SpherePay’s merchants.
The credit amount is set at $300 for first time users. Subsequently, the credit amount will increase accordingly according to the user’s spending patterns and promptness in repaying payments to SpherePay. In this manner, users need not worry about piling up debts via the app.
Launched in Singapore in November 2017, SpherePay has over 60,000 users in Singapore and over 100 merchants. The company also has expansion plans in neighbouring countries Thailand, Indonesia and Malaysia.
SpherePay hopes that its Advanced Credit function will in future eliminate the need for credit cards, as increasingly more and more consumers are seeking for mobile payment solutions.
Cashless payment solutions offered by payment service providers such as SpherePay accelerates the drive for Singapore to go cashless. Other initiatives include the creation of a common Singapore Quick Response Code (SG QR) that will be rolled out in 2018. The SG QR can accept electronic payments by domestic and international payment schemes, and will be adopted by payment service providers in Singapore such as Singtel Dash and NETS.
About FOMO Pay
FOMO Pay provides one-stop QRCode Payment Solution which enables merchants to accept a full suite of new payment methods including WeChat Pay
, mVISA, Grab Pay
, Baidu Wallet
, Best Pay
, etc. Launched in 2016 with more than 1000 merchants acquired within a year, FOMO Pay is trusted by major companies including SPH
, Marina Bay Sands
, Club 21
, CHANEL, etc. With FOMO Pay, merchants can unlock true business potential by giving customers the payment options they prefer and adopt cashless payment easily. FOMO Pay is also sitting in MAS SGQR Taskforce to promote QR code payment and make Singapore a cashless society.