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UnionPay, Atome offer ‘buy now pay later’ option to give customers greater payment flexibility and control

Global payment brand UnionPay has launched a partnership with Atome, a leading Buy Now Pay Later (BNPL) brand, that allows users to split their bills into three equal, zero interest payments over three months. This marks the first time UnionPay is partnering with a BNPL brand in Singapore.

By downloading the Atome app and registering with their UnionPay card, users will be able to make payment in three easy interest-free instalments with no additional service fees at Atome partner merchants in Singapore. The monthly payments will be automatically deducted from the users’ UnionPay debit or credit card.

A recent report by global payments leader FIS WorldPay said BNPL as a payment method is expected to grow from 2.1 per cent to 4.2 per cent of global e-commerce transactions from now to 2024. In Singapore, BNPL is  the fastest-growing online payment method, on track to grow from 3 per cent to 13 per cent of all online transactions within the same time period.

Since its launch in 2019, Atome has grown into Asia’s leading BNPL brand with over 3,000 online and offline retail partners across nine markets in Asia. Popular merchants include Sephora, Zalora, Agoda, SHEIN, Marks & Spencer, ZARA, Pull & Bear, Aldo, Pandora, True Fitness and more. 

Mr Huiming Cai, General Manager, UnionPay International Southeast Asia, said “As a leader in innovative payment, we are always looking for more ways to cater to a wider segment of customers with varying payment needs. This partnership allows UnionPay customers to spend responsibly as they pay for their purchases over multiple smaller payments instead of one lump sum without incurring additional costs. This will also ensure that customers do not go beyond their monthly spending limits to prevent overspending.”

David Chen, CEO of Atome, said, “We’re delighted to partner with UnionPay and provide payment flexibility, convenience and control to UnionPay cardholders in Singapore. Rapid changes in consumer shopping and payment behaviour means that consumers are expecting their favourite retailers to offer payment choice and flexibility at checkout. Registering with their UnionPay card when setting up their Atome account will allow consumers to be in greater control over how they choose to pay, such as by opting to make smaller interest-free payments over time for the favourite brands.”

From now until 30 June, existing Atome users enjoy 18% cashback (minimum spend $10, capped at $18 cashback, terms and conditions apply) when they register and pay with their UnionPay card on Atome. New users who download Atome will enjoy 30% cashback (minimum spend $10, capped at $30 cashback, terms and conditions apply) and 18% cashback subsequently when they register and pay with their UnionPay card on Atome.

Local News