Grab launches ‘Buy Now, Pay Later’ option
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Grab has expanded its fintech offer with “Buy Now Pay Later” facility and an online store check-out plugin.
Through its joint venture with Credit Saison, the ride-hailing platform offers a post-paid payment facility which allows customers to pay for Grab services at the end of the month, without additional fees.
This is geared towards consumers who face exceptional expenses, but are keen to avoid being hit with high credit card or personal loan interest payments.
The platform will also launch another pay-later product, which will allow consumers to shop online immediately, but pay for their purchases in installments.
Only Grab’s most creditworthy customers can use these two products. Credit risk is based on their tenure on the Grab platform, frequency of use and spending patterns.
Grab has been boosting its financial services in Southeast Asia in recent years. Its GrabPay service has teamed with e-commerce platforms such as Qoo10 and 11Street.
It has recently signed with Adyen, Boku, iPay88, Dragonpay, Cathay Cineplexes, and SM Cinema in the Philippines.
Questions & Answers
Q.What is the primary purpose of Grab's new post-paid payment facility?
What is the primary purpose of Grab's new post-paid payment facility?
The facility is designed for consumers facing exceptional expenses, allowing them to pay for Grab services at the end of the month without additional fees, thereby helping them avoid high interest from credit cards or personal loans.
Q.Who is eligible to use Grab's new Buy Now Pay Later products?
Who is eligible to use Grab's new Buy Now Pay Later products?
Only Grab's most creditworthy customers are eligible. Their credit risk is assessed based on how long they have been on the Grab platform, how often they use it, and their spending patterns.
Q.Which partners has Grab recently signed with to expand its financial services in Southeast Asia?
Which partners has Grab recently signed with to expand its financial services in Southeast Asia?
Grab has recently signed partnerships with Adyen, Boku, iPay88, Dragonpay, Cathay Cineplexes, and SM Cinema in the Philippines, further expanding its financial services reach across the region.
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