Home Credit invests VND200 billion into Buy Now Pay Later service
Home Credit invests VND200 billion into Buy Now Pay Later service
Home PayLater – a digital financial product with a VND200 billion ($8.7 million) investment – is set to enhance the convenience of consumers’ online shopping experiences.
Buy Now Pay Later (BNPL) payment options are now no longer new to Vietnamese customers, especially young shoppers who are tech-savvy and financially proactive. This payment type allows customers to buy goods first and pay later in instalments that can be divided over several months depending on personal financial conditions.
In Vietnam, Home Credit is one of the pioneering consumer finance companies that offer the service. From previous studies and surveys of consumers’ current shopping habits and financial management, the company has found that BNPL creates new financial trends, brings convenience to customers, and stimulates demand.
Own your favourites with the right financial plan
Instead of having to bear the heat when your home is not air-conditioned or continuing to work on a stubborn laptop, you can choose BNPL with flexible instalment options. With Home Credit, a consumer finance firm pioneering BNPL services in Vietnam, customers can shop comfortably, choose instalment options over one, three, six or 12 months, and benefit from zero per cent interest rates.
Home Credit does not only offer BNPL on its website but also cooperates with top e-commerce platforms to develop a wide network of hundreds of different brands of goods and services, available to buy through payment portals.
Aiming to enhance the online shopping experience, in July Home Credit signed a strategic cooperation agreement with the Tiki e-commerce platform to launch Home PayLater, a BNPL scheme.
Home PayLater improves the efficiency and convenience of online payment. Through Home PayLater, customers have an additional smart financial solution to help them enjoy an ideal and seamless shopping experience while still being able to actively plan their personal finances.
Flexible procedures, diverse products
Unlike traditional instalment payment schemes that require customers to provide a bewildering array of documentation such as ID cards, household registration documents, bank statements, and others, Home PayLater services offer a simple and fast BNPL registration option that maximises the advantages of digital technology.
There are just three steps to register for Home PayLater: online registration with a copy of an ID card, a selfie, and online contract completion. Quick and easy, the application is then automatically processed without having to wait a long time for results.
According to a Home Credit representative, all registration processes for Home PayLater purchases have the sole goal of improving convenience for users. “Spend smart. Pay smart” is the core value that Home PayLater wants to bring to the young generation of customers.
“We have focused on providing comprehensive investment for Home PayLater, including in human resources, attractive incentives for customers, and the application of technology to process systems for partners. Home Credit wants to be a part of more online transactions, serving the needs of, and providing an optimal experience for, Vietnamese users,” said Michal Skalicky, chief customer officer of Home Credit.
Besides traditional transactions paid in instalments such as electronics, education, and motorbikes, with Home PayLater, Home Credit also opens up new BNPL schemes for air tickets, travel, cosmetics, and more. This creates opportunities to help retailers access good, modern financial solutions to increase sales, and also give consumers diverse options to balance their spending and personal finances.
Convenient payment
With Home PayLater, Home Credit and Tiki customers can opt to spread payments with just a few clicks on the Tiki website. The entire shopping process takes less than five minutes from the first registration. In the future, Home PayLater payments will only take a few seconds. The integration of facial recognition and OTP codes also increases customers’ data security.
Lu Duy Nguyen, senior director in charge of payments at Tiki said, "Through working with Home Credit to launch Home PayLater, Tiki wishes to add a smart payment solution on our website, and at the same time help customers control their personal finances when shopping online, further improving the e-commerce experience for consumers."
Various promotional schemes
After signing the deal, Home Credit offered hundreds of e-vouchers worth up to $20 to welcome new customers to experience smart financial products on Tiki.
In addition, the firms also treated users to a big feast with thousands of e-vouchers, contributing to satisfying the increasing shopping and consumption needs of Vietnamese consumers.
