TL;DR: Samsung has joined forces with BillEase, a leading consumer finance app in the Philippines, in a strategic move to transform the landscape of retail finance. The collaboration brings advanced fintech solutions from BillEase to Samsung’s online shop, offering customers a range of flexible installment options. This includes the innovative Pay Later feature, allowing payments to be deferred for 10 or 20 days, as well as Pay in 4 easy installments and Pay Monthly schemes with low-interest rates.
In a significant development for retail finance in the Philippines, global tech giant Samsung has announced a strategic collaboration with BillEase, a top-rated consumer finance app. This partnership aims to reshape the future of retail finance, offering customers greater flexibility in purchasing high-quality tech products.
Seamless Integration for Convenient Shopping:
Samsung’s online shop now boasts seamless integration with BillEase’s cutting-edge fintech solutions. This integration is powered by OpenFabric, an integration middleware designed for faster merchant acceptance. This means shoppers can now enjoy a hassle-free shopping experience with a wide range of payment options.
Flexible Payment Plans
Customers can now choose from a variety of cardless installment options at checkout. For smaller purchases, the Pay in 4 feature allows payments to be spread over four easy installments. Meanwhile, for larger ticket items, the Pay Monthly scheme enables payments to be spread over a period of 3 to 12 months, with competitive interest rates ranging from 0% to 3.49%.
Kurt Molina, Head of Merchant Products at BillEase, expressed their commitment to providing consumers with straightforward financial solutions.
“We’re excited to leverage our financial solutions and business model in collaboration with Samsung to democratize access to the latest high-quality tech products,” said Molina.
Noel Estacio, Head of Online Business for Samsung Electronics Philippines, stressed the importance of the partnership in making Samsung technology more accessible to Filipinos, especially in the celebration of Samsung’s 25th year in the Philippines.
Soma Ramasamy, CEO and co-founder of OpenFabric, highlighted their dedication to ensuring seamless integration for payment methods like BillEase and merchants like Samsung. He noted that this integration will benefit Samsung customers by allowing them to pay with BillEase, a leader in BNPL payments in the Philippines.
Expanding Access to Cutting-Edge Technology
The integration of BillEase’s Buy Now Pay Later (BNPL) option into Samsung’s online store marks a significant step towards an inclusive market. This move ensures that cutting-edge technology becomes accessible to a broader audience.
Projected Growth in BNPL Payments
Researchandmarkets.com forecasts a substantial increase in the utilization of BNPL payment methods in the Philippines. The findings suggest a compound annual growth rate of 50.9% from 2022 to 2028, indicating a growing preference for this payment option.