Lotte Finance launches PayLater service to catch up with "buy now, pay later" trend

With PayLater by Finance, customers will have another fast, easy, and secure payment method to make transactions on e-commerce platforms. The launch of this service is part of Lotte Finance’s efforts to diversify its services portfolio and offer comprehensive consumer finance solutions customised to Vietnamese customers, thereby enhancing benefits for customers.

PayLater by Lotte Finance is a new concept of consumer finance service that allows customers to make transactions on a "buy now, pay later" (BNPL) basis. Accordingly, Lotte Finance will grant each customer a personal specific credit limit. Within this cap, customers can quickly and easily make payments for goods and services on Lotte Finance’s partner e-commerce platforms, even if they do not have enough cash on their bank accounts or in their pockets to pay in full right away.

Customers can quickly and easily apply for a credit limit through PayLater by Lotte Finance, with only an Identity card. With a single application, customers can use PayLater for three years to shop online before having to verify their identity again.

When making a transaction, customers can make full payment with their approved credit limit without incurring any interest. Otherwise, they can choose instalment payments to divide the transaction value into several smaller payments over a period to reduce the financial burden.

As a service provided by Lotte Finance, a trustworthy financial company 100 per cent invested by South Korean consumer finance behemoth Lotte Card, PayLater by Lotte Finance provides customers with a safe and reliable service with a highly secure IT system and two-layer verification to provide them with absolute peace of mind while shopping online.

"PayLater by Lotte Finance offers customers a fast, convenient, and fully online payment process. Our brand new service has been developed to optimally address customers' daily financial needs with an advanced and modern consumer finance solution. Particularly, in the cooperation with our first partner Vntrip to offer a full package of seamless services to boost domestic tourism, we hope to offer more and more Vietnamese customers a safe, convenient consumer loan service and payment methods,” said Kim Jong Geuk, general director of Lotte Finance.

With the aim of offering a range of comprehensive, friendly, and flexible financial solutions to meet the increasingly diverse demands of customers, Lotte Finance continues expanding its network of partners, thereby providing customers with a better shopping experience and more choices when paying for on e-commerce platforms.

According to Research and Markets, BNPL payments in Vietnam are expected to grow by 137.3 per cent annually, reaching $491.3 million in 2021. The BNPL payment industry in Vietnam has recorded strong growth over the past year, supported by increased e-commerce penetration along with the impact of economic slowdown.