MoMo, Vietnam’s leading mobile wallet and payment platform, has recently introduced a new payment option for online Apple Store transactions. The new payment option is called “Buy Now, Pay Later” (BNPL), which allows customers to purchase Apple products and pay for them in installments over a period of time.
This move by MoMo is in line with the growing trend of BNPL services in the fintech industry. BNPL services have become increasingly popular in recent years, especially among younger consumers who prefer to pay for their purchases in installments rather than upfront. This trend has been fueled by the rise of e-commerce and the need for more flexible payment options.
With the introduction of BNPL, MoMo is hoping to attract more customers to its platform and increase its market share in Vietnam’s rapidly growing fintech industry. The company has already established itself as a major player in the mobile payments space, with over 23 million users and partnerships with more than 100 banks and financial institutions.
The new BNPL service will be available to MoMo users who have a credit limit of at least VND 2 million (approximately USD 87). Customers can choose to pay for their Apple purchases in three or six monthly installments, with interest rates ranging from 0% to 2.5% per month depending on the repayment period.
To use the BNPL service, customers simply need to select the option at checkout when making a purchase on the Apple Store website or app. They will then be redirected to MoMo’s payment gateway to complete the transaction. The process is quick and easy, with no additional fees or charges.
The introduction of BNPL by MoMo is expected to boost online sales for Apple in Vietnam, as it provides customers with a more affordable and flexible payment option. It also demonstrates MoMo’s commitment to innovation and meeting the evolving needs of its customers.
Overall, the fintech industry in Vietnam is experiencing rapid growth, with a projected market size of USD 7.8 billion by 2025. MoMo’s introduction of BNPL for online Apple Store transactions is just one example of how fintech companies are driving this growth by offering innovative solutions to meet the needs of consumers in Vietnam and beyond.
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- Source: https://zephyrnet.com/vietnams-momo-rolls-out-bnpl-payment-option-for-online-apple-store-purchases-fintech-singapore/