Home Credit and NextTech sign agreement on ‘Buy Now, Pay Later’ project

This service will help to improve the digital experience and meet the seamless and flexible shopping experience of modern users, with payment starting at only VND50,000 ($2).

Home Credit signed cooperation agreement for the “Buy now, Pay later” Home PayLater project with NextTech

According to a study by market research company Research & Market, the use of “Buy Now, Pay Later” facilities in Vietnam is expected to grow at a compound annual growth rate (CAGR) of about 31.1 per cent in 2023-2028.

This payment method is becoming increasingly popular with Vietnamese consumers, especially young people who are increasingly tech-savvy and financially independent.

Home Credit is well-established as one of the pioneers in this field. Home PayLater provides users with a quick and easy way to register for “Buy now, Pay later” - delivering convenient, seamless shopping for young digital savvy customers.

According to the partnership agreement, Home Credit, NEXTPAY, and Ngan Luong will develop and provide the new service to customers in Vietnam starting in January 2024.

The service will require a minimum instalment of VND50,000 ($2) and will have a maximum credit limit of VND25 million ($1,000). This partnership is a strategic move for the "Buy Now, Pay Later" Home PayLater product, as it expands the scope and terms of short-term loans to young customers, including students.

The partnership will benefit both customers and businesses. For customers, the "Buy Now, Pay Later" Home PayLater is a modern, simple, and quick payment solution that can improve individual spending power, helping people live the life they want now. For businesses, the "Buy Now, Pay Later" Home PayLater can help increase sales and draw in new customers.

In addition to providing the “Buy Now, Pay Later” financial solution for customers, Home Credit and NEXTPAY are also committed to sharing and using each other's available data, and effectively applying AI tools to improve the efficiency and quality of the payment service.

Specifically, Home Credit will support NEXTPAY and Ngan Luong by providing staff training and assisting in designing best practice policies for payment acceptance.

Home Credit signed cooperation agreement for the “Buy Now, Pay Later” Home PayLater project with NEXTPAY

Michal Skalicky, Home Credit Vietnam’s chief customer officer said, "This collaboration to enhance the 'Buy Now, Pay Later' Home PayLater project will bring a simple, fast, and innovative online payment and shopping solution to customers on the multi-utility payment platform NEXTPAY and Ngan Luong. The 'Buy Now, Pay Later' Home PayLater project promises to bring many benefits to both users and businesses, contributing to the development of e-commerce and the digital economy."

On behalf of NextTech, Nguyen Hoa Binh, chairman of the Board of Directors of NextTech Group said, "The strategic cooperation between Home Credit, NEXTPAY, and Ngan Luong will create a breakthrough payment solution for customers, while contributing to the development of the digital economy in Vietnam. We hope that this cooperation will bring many sustainable benefits to both sides and to customers over the coming months and years."

Home Credit Vietnam, along with NextTech, NEXTPAY and Ngan Luong, have partnered on the "Buy Now, Pay Later" Home PayLater project

Home Credit, NextTech, NEXTPAY, and Ngan Luong have set a goal of expanding the network of the "Buy Now, Pay Later" Home PayLater payment acceptance to 100,000 new points in 2024.

In addition, Home Credit aims to make the "Buy Now, Pay Later" Home PayLater an available payment method at over 200,000 websites using Ngan Luong's payment gateway service in 2024. These goals aim to consolidate the position of the parties in the growing digital payment market in Vietnam.

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