The regional partnership will support thousands of merchants across Southeast Asia, as competition in the Buy Now Pay Later (BNPL) space heats up.
Global payments platform 2C2P is partnering Buy Now Pay Later (BNPL) brand Atome, which will allow its network of online and offline merchants across the region to offer BNPL as an alternative payment method to their customers.
Merchants using 2C2P’s platform in Singapore and Malaysia will be able to offer their customers the option to pay using Atome, either online or in-store, which allows them to make payments over three months with zero interest, service fees or annual fees.
Headquartered in Singapore, Atome has a presence across Southeast Asia, India and Greater China. The platform was launched in 2019, and currently partners over 5,000 online and offline retailers in nine markets.
Its partnership with 2C2P is expected to roll out in other markets such as Thailand, Philippines and Indonesia in the near future, the announcement said.
BNPL payment methods have seen surge in popularity, particularly among millennials and Gen Z consumers. Merchants are also tapping on its growth to increase customer conversion, average order size and repeat sales.
The market is estimated to grow to $33.6 billion by 2027, with Asia being the fastest-growing regions due to increasing rates of mobile Internet penetration, according to a 2020 study by Coherent.
Earlier this month, U.S. fintech giant PayPal announced a mostly cash deal to acquire Japan BNPL platform Paidy for ¥300 billion (about $2.7 billion). Square, run by Twitter CEO Jack Dorsey bought Australian BNPL platform Afterpay for $29 billion last month.
