Based on the information provided in the press release, Opn’s online payment platform, Opn Payments, has started offering the Atome Buy Now, Pay Later (BNPL) payment method in the above-mentioned regions to meet the demand for flexible payment options.
As a BNPL provider, Atome enables consumers to spread the payments for their purchases into three equal instalments to be paid over the course of three months, without any additional fees or interest being applied. What is more, merchants are set to receive the full payment upfront.
When commenting on the collaboration, Ezra Don Harinsut, co-founder, and president of Opn advised that the company is looking forward to introducing Atome’s flexible payment method in Malaysia and Singapore, as BNPL continues to attract an increasingly large consumer base. Per the spokesperson’s statement, the integration of Atome is believed to help merchants grow their businesses while making purchases more accessible and affordable for consumers.
As per the information detailed in the announcement, the popularity of BNPL is surging in Malaysia and Singapore alike, as the payment option provides easier access to credit, together with a higher purchasing power, especially when talking about consumers without credit cards. According to data from the World Bank, the credit card ownership rate in Malaysia is 7.9%, whereas in Singapore, it stands at 41.7%.
Furthermore, reports from ResearchAndMarkets.com indicate that BNPL payments in Malaysia are projected to increase by 23.6% annually, reaching an amount of USD 2.298.6 million in 2023. When talking about Singapore, BNPL payments in this region are expected to grow by 20.6 annually, amounting to USD 1,270.4 million in 2023.
Further detailing the collaboration, the press release highlights that through Opn’s integration with Atome in Malaysia and Singapore, retailers leveraging Opn Payments are enabled to tap into Atome’s extensive customer base, which goes past a million users in both Malaysia and Singapore.
Additionally, the increased affordability provided by BNPL lets consumers make purchase decisions for larger-ticket items, which leads to higher conversion rates and basket sizes for merchants. Per the announcement information, BNPL can boost conversion rates by 20-30% and increase the average ticket size by 30-50% for ecommerce businesses, according to RBC Capital Markets research.
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