Source: https://mb.com.ph/2022/09/01/aub-enters-buy-now-pay-later-market/
Asia United Bank (AUB) has partnered with Singapore firms MatchMove and Atome to offer the “buy now, pay later” (BNPL) Atome Card in the country to enable consumers to have more control over their finances.
AUB head of operations and technology group, Wilfredo Rodriguez, said on Thursday, Sept. 1, that the deal with financial technology (fintech) MatchMove and AI-driven Atome will not only bring more flexible access to credit for the digital commerce, but it will also allow its clients to “pay less now without having to worry about interest rate hikes in the future.”
“This tripartite partnership and innovation between a digital-first financial services provider like AUB, a BNPL leader like Atome, and a fintech like MatchMove will help further accelerate financial inclusion of the unbanked and underbanked in the Philippines,” said Rodriguez.
This is the first time that the Atome Card is introduced in the Philippines, according to Magic Tang, director of Atome Payment Partnerships.
MatchMove CEO, Shailesh Naik, meantime, said the partnership with AUB and Atome is aligned with the fintech’s goal of a “secure and smooth spend, send and lend solutions.”
“The Philippines has an increasing population of digital users and the card not only reaches out to the underbanked sector, but also empowers them by giving them the luxury of time, choice and seamless control of their finances,” said Naik.
Based on the 2021 BNPL Survey of Research and Markets.com, the country’s BNPL payment is projected to increase to $803.5 million this year, or about 110 percent growth annually.
The Atome Card, available via the Atome app, allows consumers to pay both online and in-store retailers. There is no minimum income requirement while selected consumers will receive an email inviting them to apply for the Atome Card.
The Atome Card also has no annual fees, it offers instant approval since its application process is relatively easy and can be done via mobile platforms.
AUB said cardholders will have payment flexibility under a “buy now, pay up to 45 days later with up to P200,000 limit.”
The Atome service and products was launched here in October 2021 and already partners with over 600 online and offline retailers. It is considered one of the region’s leading BNPL brand with 10 markets and more than 15,000 partners.
The AUB Group reported a first half net income of P2.9 billion, up by 50 percent from P1.9 billion same period last year. AUB is a sister company of Republic Biscuit or Rebisco, owned by businessman Jacinto Ng.
AUB, in terms of assets, is the country’s 13th biggest bank as of end-March this year. Besides its new Atome Card, the bank has an e-wallet HelloMoney and its all-in-one digital payment AUB PayMate.