SpherePay launches in-app credit function in Singapore
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Singaporean mobile payment app SpherePay has introduced a “micro-loan” concept for its users.
It is the first mobile payment app to offer a buy-now-pay-later scheme, which it terms advanced credit. A QR code enables payments. Users must be at least 18 years old to sign up for the service, which allows users 30 to 45 days to repay.
Processing and approval can be done within two hours. Applications can be made by clicking the Advanced Credit icon on the SpherePay mobile app. For first time users, the credit amount is set at $300. As the app monitors spending patterns and repayments, the credit amount can increase.
“The advance credit will benefit people without credit cards, especially students,” says the company.
Launched in November, SpherePay has more than 60,000 users in Singapore and 100-plus merchants. Meanwhile, the company plans to expand to Thailand, Indonesia and Malaysia this year.
Questions & Answers
Q.What is the maximum credit amount a new user can access through SpherePay's advanced credit function?
What is the maximum credit amount a new user can access through SpherePay's advanced credit function?
First-time users are offered an initial credit amount of $300. This amount can increase over time as the app monitors the user's spending patterns and repayment history.
Q.How quickly can a user expect their application for the advanced credit service to be processed and approved?
How quickly can a user expect their application for the advanced credit service to be processed and approved?
Applications for the advanced credit function can be processed and approved within two hours. Users can apply directly through the Advanced Credit icon on the SpherePay mobile app.
Q.Which specific groups of people does SpherePay expect to benefit most from its new advanced credit offering?
Which specific groups of people does SpherePay expect to benefit most from its new advanced credit offering?
The company anticipates that the advanced credit facility will particularly benefit individuals who do not possess credit cards. This includes, for example, students.
Q.Does SpherePay intend to introduce its new advanced credit function in other countries beyond Singapore?
Does SpherePay intend to introduce its new advanced credit function in other countries beyond Singapore?
The company has plans to expand its operations to Thailand, Indonesia, and Malaysia this year. It is implied the advanced credit function would be part of this expansion.
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