Consumer finance app, BillEase, and the largest mall chain in the Philippines, SM Supermalls, recently signed an agreement providing Buy Now, Pay Later (BNPL) or installment payment options for its tenant partners and shoppers.
BillEase said the partnership will revolutionize the local shopping experience by paying installments without the need for a credit card, which will eventually strengthen the purchasing power of Filipino shoppers.
This developed in the wake of the Bangko Sentral ng Pilipinas (BSP)’s campaign to convert 50 percent of retail transactions in the country to electronic channels this 2023 to promote a cash-lite economy and drive greater financial inclusion.
With 80 SM Supermalls across the Philippines, the partnership is expected to drive foot traffic and increase consumer spending, as tenant partners are now given the opportunity to offer their shoppers three cardless installment options by simply scanning the BillEase QR Code at their counter.
In its Pay Later mode, shoppers have 10 to 20 days to pay for small item purchases while under the Pay mode, shoppers pay in four installments for medium-ticket purchases or pay monthly in 3, 6, 9 or 12 months with interest rates of 0 percent to 3.49 percent.
Georg Steiger, BillEase CEO and co-founder, urged businesses to join the platform that has attracted millions of active users across diverse market segments.
“Our mission at BillEase is to make financial services more accessible and convenient for everyone. We are excited to partner with SM Supermalls, a true industry leader, to offer its tenant partners and shoppers a new level of flexibility and convenience. Together, we aim to create a unique and frictionless shopping experience that empowers shoppers to buy their dream purchases and pay on their own terms,” said Steiger.
Steven Tan, President of SM Supermalls, emphasized the key impact of this collaboration for both their tenant partners and shoppers.
“SM Supermalls has always been at the forefront of innovation in the shopping industry. By partnering with BillEase, we are taking another significant step towards providing our shoppers with an unparalleled shopping experience. This collaboration will not only make shopping more convenient, accessible, and enjoyable for Filipinos from all walks of life but will also contribute to the economic growth of the country by giving our tenant partners the access to offer installment payments,” said Tan.
