Home Credit enters partnership with Traveloka to enable buy now, pay later offering

December 20, 2023 | 10:00
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On December 12, Home Credit Vietnam announced the signing of a strategic cooperation agreement with Traveloka to implement a buy now, pay later project with the Home PayLater product on the app.
Home Credit enters strategic partnership with Traveloka to enhance customer experience

Travel lovers will have the opportunity to freely explore attractive tourist destinations and scout for air tickets, hotels, and travel services on the Traveloka platform. They will be free from financial concerns thanks to the new buy now, pay later (BNPL) payment method from Home Credit's Home PayLater.

The deal brings users, especially young people, the most convenient experience on just one platform. When they want to travel, they can comfortably make plans without worrying about the costs. This is a strategic step for Home Credit to promote its BNPL service in Vietnam, creating more products with competitive advantages and bringing the best experience to customers.

Michal Skalicky, chief customer officer at Home Credit Vietnam said, "Young people have a need to explore new lands through travel. However, amidst the challenging economic situation, many need to cut costs to the maximum. The BNPL method from Home PayLater completely meets consumers’ expectations – travel now and pay later by splitting your payments."

"Through the tie-up with Traveloka, we aim to provide customers with super preferential promotions and flexible payment methods to meet their travel needs in the upcoming Lunar New Year," he added.

Home Credit enters strategic partnership with Traveloka to enhance customer experience
Home Credit and Traveloka join forces on buy now, pay later with Home PayLater

With Home PayLater, customers can immediately use the services available on Traveloka without paying in advance. The first payment period starts from 1 month after the date of purchase, with zero interest.

In addition, Home PayLater does not apply conversion fees, hidden charges, or account opening payments, unlike other BNPL providers in the market. Home Credit’s BNPL payment limit is instantly approved within 60 seconds, thanks to its digital technology.

In addition, with the Home PayLater payment method, customers will receive a 50 per cent discount up to VND100,000 ($4.22) or a five per cent discount up to VND300,000 ($12.66) for all the services available on Traveloka.

Users will also receive attractive promotions with Home PayLater Day taking place every Tuesday on Traveloka. The programme applies a 10 per cent discount up to VND500,000 ($21.10) for services such as booking rooms, buying airline tickets, and ordering both domestic and international tours on Traveloka.

Caesar Indra, president of Traveloka explained, "The collaboration with Home Credit to launch Home PayLater demonstrates our continuous improvements in technology, and aims to provide users with a new payment solution that delivers a seamless and complete experience."

"Home PayLater also underscores Traveloka's commitment to the sustainable and inclusive development of Vietnam, as it allows us to expand travel services to more customers and open up opportunities for more people. At the same time, this is a crucial step in the digital transformation of Vietnam’s tourism industry," Indra continued.

Home Credit enters strategic partnership with Traveloka to enhance customer experience
Home Credit Vietnam and Traveloka partner to introduce Home PayLater

BNPL services have become increasingly familiar to Vietnamese consumers, especially among tech-savvy and financially proactive young shoppers. Home Credit is one of the pioneering companies in this segment.

The launch of Home PayLater provides users with a quick and simple method of registering to BNPL. Home PayLater takes full advantage of digital technology and targets clued-up young customers who have are looking for a convenient and seamless shopping experience.

Market data shows that the BNPL financing industry in Vietnam will reach a compound annual growth rate of 31.1 per cent between 2023 and 2028. BNPL-financed purchases are expected to climb from $1.5 billion in 2022 to $9.1 billion in 2028.

With this great potential, Home Credit will have a first-mover advantage in its development and market share to improve the experience, retain customers, and stimulate demand.

Home PayLater's BNPL method is available across more than 450 points of sales and e-commerce platforms nationwide, such as Tiki, Meta.vn, Gosumo, Shooz.vn, Thegioididong, Hoang Ha Mobile, Bach Long Mobile, ShopDunk, and Di Dong Viet.

This shows that, along with traditional sales channels, brands also employ the BNPL option via Home PayLater to attract more customers amidst the fierce competition in the market.

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By Thanh Van

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