,BNPL platform Atome, which launched its services in Malaysia in the last quarter of 2020, has seen its order volume grew by 100 times and merchant network grew five times in the past six months, according to Atome Singapore and Malaysia general manager Trasy Lou-Walsh.
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PETALING JAYA: Retailers, who are hard-hit by lockdowns caused by the Covid-19 pandemic, are increasingly turning to buy now, pay later (BNPL) platforms to reach digital-savvy consumers.
BNPL platform Atome, which launched its services in Malaysia in the last quarter of 2020, has seen its order volume grew by 100 times and merchant network grew five times in the past six months, according to Atome Singapore and Malaysia general manager Trasy Lou-Walsh.“About 95% of our orders came from online channels such as merchants’ e-commerce websites or mobile apps. The pandemic has accelerated the trend for Malaysian consumers to use digital wallets and contact payment options. Consumers value the flexibility to maximise their budget and manage spending,” she tells StarBiz.
Walsh points out that a big segment of consumers are still underbanked, and BNPL presents them an option to make affordable, quality purchases.
Atome allows customers to split their bills into three equal interest-free payments over three months.
“With Atome, consumers know exactly when their payments are due, how much and for what. Our key verticals include beauty, fashion, travel, homeware and lifestyle,” she explains, adding that Atome’s average ticket size ranges from RM200 to RM400 versus traditional instalment plans where purchases are for thousands of ringgit.A promotional sign for Atome, a buy now pay later (BNPL) app, at the entrance to a Zara store in Singapore. The growing popularity of BNPL services among young Singaporeans is unnerving regulators and politicians who fear BNPL apps prey on 20-somethings who may be financially naive. Photographer: Wei Leng Tay/Bloomberg
In the BNPL arena, Atome has the widest merchant network in Malaysia, and works with over 500 merchant partners including Zalora, Agoda, Aldo, Box Of Bricks (Lego reseller), Xixili, Li-Ning, Shein and Stream Empire Holdings as a payment checkout solution in their stores and websites.
“Atome is an omni-channel retail partner and works well both for brick-and-mortar retailers and online channels. We support traditional retailers who go online. Due to the lockdowns, physical retail, the tourism and hospitality sectors are struggling,” says Walsh.