PETALING JAYA: Razer Merchant Services (RMS), the B2B arm of Razer Fintech, has partnered with Atome, a buy Now Pay Later (BNPL) brand, to enable flexible deferred payment acceptance during checkout at online and offline RMS merchants.
Customers of Starbucks and other B2C merchants with BNPL enabled can enjoy the benefits from flexible deferred payments, making products more attainable.
Atome today partners with over 3,000 merchants in the country since entering the market in Q3’20. Average order value has increased by more than 30%, with an estimated 85% rate of return customers, while consumers using Atome have contributed over 25% of sales for merchants.
Razer Fintech CEO Lee Li Meng said the partnership will benefit its merchants and their customers as it offers the latest payment methods across Malaysia.
“We look forward to reach and penetrate the Southeast Asian market for consumers who do not have access to card scheme instalments,” Lee said.
Atome head of strategic partnerships Jeremy Wong said it hopes to continue supporting merchants to further drive their sales and conversions with flexible deferred payments.
“Atome users can now pay for their purchases and RMS merchants can attract and retain customers with Atome's BNPL,” added Wong.
BNPL, known as the payment option to enable flexible deferred payments at zero interest, has a booming market with expected growth of US$7.3 billion in 2019 to US$33.6 billion in 2027 at a compound annual growth rate of 21.2%, Coherent Market Insights estimates. According to the 2021 e-Conomy SEA report, the internet penetration in Southeast Asia has risen to 75%, with 40 million new internet users in 2021.