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Bux, UBX’s SME, corporate, and developer-friendly end-to-end payment platform, partners with BillEase to launch Buy Now Pay Later, allowing over 100,000 merchants on the platform to give customers cardless credit and installment plans.

buy now pay later

Buy Now Pay Later, a Credit Card Alternative

With digital e-wallets surpassing credit card penetration rates, it’s not surprising that Buy Now Pay Later (BNPL), a form of cardless credit, has opened up new and accessible ways to pay for goods and services. Aside from being seen as an alternative source of credit and its wider accessibility, experts say that BNPL programs are here to stay because of their convenience and simplicity.

“With BNPL, I’m free of the worry of paying a huge amount on the spot.” said Paul, a tech-savvy millennial from South Cotabato, “This gives me the freedom and confidence to purchase other necessities for the time being.”

BNPL is becoming wildly popular at the checkout of many eCommerce stores across the world. Research done by Logica Research shows that the Buy Now Pay Later trend has grown rapidly this year with 17% of Gen Z and 21% of millennials using it, with the increase in online shopping from home driving increased use.

Expanding Payment Options Supports SMEs

Adding to what is already the country’s most diverse and largest set of payment options in a single payment solution, Bux sets the bar higher by partnering with BillEase to launch a Buy Now Pay Later option, enabling qualified Bux SME and Enterprise merchants using Bux to offer cardless credit and installments to their customers, starting with a 0% interest rate for the first 3 months giving a highly customized experience and more accessible payment options to their customers.

“We’re excited to announce this collaboration with UBX and combine our digital offerings into a single payment solution. Our partnership gives us the opportunity to support the growth of online retailers in the Philippines, allowing them to easily connect and process installment payments through a single platform and zero-days integration with Bux. Our card-free buy now pay later app is a unique payment solution for merchants and a consumer-friendly alternative to traditional consumer financing,” said Georg Steiger, Co-Founder, and CEO of FDFC, the fintech company behind the BNPL app.

The Buy Now Pay Later feature gives Bux merchants and their customers an advantage as it breaks down large purchases into manageable payments. Businesses can grow their potential customer base by making their products and services more affordable—boosting their sales and encouraging repeat purchases.

Offsetting the Economic Impacts of Covid

“Especially in these times of Covid, where consumer money might be tight and merchant sales may be low, Buy Now Pay Later has become a priority for us as it has proven to increase the average transaction value, grow repeat business and boost conversion rates. “ said Juan Franco Espinos, Senior Product Owner of Bux “Our collaboration with BillEase will allow our merchants to offer easy installment payment options to their customers. This solution provides the customers of our merchants instant access to credit without the need to apply for a credit card.”

Fast and Easy without Over Spending

Bux makes cardless credit using Buy Now Pay Later fast and easy— it only takes a few minutes. At the checkout, customers simply choose Buy Now Pay Later as the payment method. They can then adjust the installment term and cash-out amount to suit their needs as well as securely confirm their purchase with a one-time PIN.

“Buy Now Pay Later helps me manage my budget better! “said Kaye, an online shopper from Metro Manila, and an avid user of the Buy Now Pay Later feature, who shared how the feature helps her get things immediately even on a tight budget “If I really need to buy a product  that is out of my monthly budget, I can create a  payment plan with  3 or more months to pay which keeps me from over spending.”.

Supporting SMEs is the heart of  BUX

Commenting on the features being continually added to Bux to make accepting payments even easier, Espinos emphasized  “Here at Bux, our customers’ payment experience is our number one priority, and we believe that providing our merchants the ability to offer all types of payment methods is critical to their success,” With Bux and BillEase, the future just got a little bit brighter for Filipino MSMEs.

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raindeocampo

Writer, Wanderer, Child of God

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