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|Home Credit Vietnam partners with Tiki|
Buy Now Pay Later (“BNPL”) is an instalment payment mechanism, allowing customers to make purchases first and then pay later in multiple months, subject to the terms defined by the BNPL provider.
Customers who use BNPL will have easy and fast access to credit to make online purchases of their choice, ranging from personal needs such as smartphones, tablets, fashion, and motorbikes to family needs such as furniture, air-conditioners, and other home appliances.
Yet, BNPL is not just about credit, it is about shopping convenience.
Home PayLater is a solution that will revolutionise the way how customers shop and they can enjoy immediately their products without adding on financial pressure, by flexibly splitting their cash flow. This will accelerate spending amongst the younger generation, resulting in increasing retail sales, and adding to post-Covid economic recoveries.
“BNPL is becoming a popular way of shopping in Southeast Asia. Home Credit as the leading digital financing brand is excited to join the journey and contribute to promoting this consumption trend in Vietnam’s market, starting with a strategic partnership with Tiki. We are launching Home PayLater because we want to be an everyday part of our customers’ lives and offer them the best solution in the online and offline worlds,” said Anna Matejovska, head of E-commerce and Digital Lending at Home Credit Vietnam.
The BNPL market has recently thrived thanks to many factors, driven by increasing interest in technology, online shopping, and accessibility to modern financial solutions among the younger generation.
Instalment loans have existed for a long time and Home Credit is one of the pioneers in this field. The development of Home PayLater will provide our customers with smart financing and enable the most seamless and enjoyable digitalised experience for their shopping.
Home PayLater will allow millions of Tiki customers to buy the item of their choice with the flexibility to split the payment into 3, 6, or 12 instalments and enjoy attractive interest rates from zero per cent. The whole journey takes less than 5 minutes for first-time registration. Later on, paying with Home PayLater will take seconds to complete, with integrated FaceID technology and OTP to ensure customer data security.
Lu Duy Nguyen, senior director for Software Product Management Engineering at Tiki said, “Through the partnership with Home Credit and the launch of the Home PayLater product, Tiki will be able to add a smart payment option directly from the Tiki app. This will help customers to manage their personal finances when shopping online and will further improve the customer shopping experience on the eCommerce platform."
The Home PayLater cooperation between two prominent players promises to bring many new and convenient shopping experiences to consumers in Vietnam.