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| Source: Singtel. Singtel's Dash customers will be able to take advantage of Zip's buy now, pay later service. |
Singtel and Zip, a global buy now, pay later (BNPL) player, have announced that Zip’s Pay Later service will be launched in Singapore on the Singtel Dash app.
The new service provides an alternate payment option for Dash customers, giving them the flexibility to choose between paying for their purchases immediately with Dash, or paying later with Zip. Dash customers can use Zip’s Pay Later service for in-store or online purchases from merchants such as Klook, Omnidesk, OSIM and Singtel.
Gilbert Chuah, Head of Financial and Lifestyle Services at Consumer Singapore, Singtel said, “Many of our customers want greater choice and control over managing their finances and our partnership with Zip provides just that with an alternative payment method that is transparent and flexible. This collaboration adds to Dash’s rapidly growing financial services business and we are working on expanding our suite of financial products and services to meet our customers’ diverse needs.”
According to FIS’ 2021 Global Payment Report*, BNPL is projected to be the fastest-growing payment method for Singapore, with transaction volume expected to increase from US$210 million in 2020 to US$1.3 billion by 2024. A study commissioned by Zip also showed that 56% of e-commerce users in Singapore have used or will consider using a BNPL service.
Over the next six months, Zip will be rolling out more
payment schemes and bringing on board more than 2,000 merchants through
partner agreements with AsiaPay, Razer Merchant Services and HitPay.
Details:
Zip’s current payment scheme offers four interest-free instalments
across six weeks.
Customers can use the Pay Later service once they have to set up a Zip account through the Dash app.
*https://worldpay.globalpaymentsreport.com/en/
