OxPay Financial Limited is pleased to announce that it is partnering Malaysian-based retail BNPL company PaySlowSlow in Singapore, and will provide the brand with payment gateway and merchant acquiring services in the city state.
Launched in September 2021, PaySlowSlow is a subsidiary of public listed Australian company, Fatfish Group Limited. It allows retailers to offer their customers the option to buy now and pay, in four equal instalments over four months with 0% interest charged. PaySlowSlow aims to become a prominent retail BNPL brand in the region by growing its footprint in the key markets of Southeast Asia.
PaySlowSlow Singapore targets to roll out its services for consumers in 1Q2022, with 500 merchants and monthly gross transaction value of approximately S$1 million, which is expected to translate into additional processing volume for OxPay. All financial risks, including payment defaults are borne by the BNPL brand, and do not affect OxPay.
BNPL is a fast-growing global market that is forecast to expand from US$7.3 billion in 2019 to approximately US$33.6 billion in 2027, reflecting a compound annual growth rate of 21.2%, according to a Coherent Market Insights report1.
Asia is projected to become the world’s fastest-growing BNPL region based on its rapidly increasing number of internet users. In 2021, approximately 40 million new internet users joined the booming digital economy in Southeast Asia, bringing the total to 440 million internet users, estimates from the e-Conomy SEA 2021 by Google, Temasek and Bain & Company showed2.
According to a consumer survey by Finder3, approximately 1.1 million Singapore residents, or 38% of the population, have used BNPL, indicating rising popularity of the service, as the COVID-19 pandemic accelerates the shift to digital platforms such as e-commerce and mobile payments.
Mr Henry Tan, Managing Director of OxPay, said: “We are happy to collaborate with PaySlowSlow for its Singapore operations. With the pandemic accelerating e commerce volumes, consumers are increasingly turning to BNPL options to alleviate their financial pressures, as well as conduct their online transactions with greater ease and convenience. BNPL offers a tremendous and growing market opportunity for retailers and payment providers alike, and barring unforeseen circumstances, we look forward to robust take-up rates for this service.”
Mr Lau Kin Wai, Executive Director of PaySlowSlow, said: “PaySlowSlow believes in enabling businesses through digital economy, and this collaboration with OxPay brings together two excellent offerings in the financial technology space. Together with OxPay’s next-generation payment gateway, we are on track to accelerate our plans to expand beyond Buy-Now-Pay-Later and build a truly unique digital payments service that is fully integrated and easy to use.”