Singaporean cashback and rewards platform, ShopBack, has officially unveiled its new Buy Now, Pay Later (BNPL) service, ShopBack PayLater.
This follows last year’s announcement from the platform that it had acquired BNPL provider, hoolah, and marks the company’s move into the broader financial services space in the Southeast Asia region.
The new offering integrates hoolah’s payment capabilities with ShopBack’s existing purchasing platform, allowing consumers to split their in-store or online purchases into three interest-free monthly instalments.
Shoppers that earn cashback from purchases using ShopBack Pay can also use it to offset ShopBack PayLater payments.
“Financial flexibility is the key to achieving our goal of making shopping rewarding, personalised, and accessible to all,” Hamish Moline, managing director, financial services at ShopBack, said.
“Our PayLater feature removes the need for initial large lump sum payments and allows users to divert resources saved from instalment payments to merchant purchases or even their own savings.
“This makes ShopBack an optimal space for enabling rewarding shopping experiences while encouraging financial mindfulness.”
ShopBack’s BNPL option will be available to consumers via 4,000 online and offline merchants in both Singapore and Malaysia.