Fintech company First Digital Finance Corporation (FDFC), which powers the leading Buy Now Pay Later (BNPL) app BillEase is partnering with Southeast Asia-based payments leader 2C2P. This will increase access of BNPL, a flexible payment method allowing consumers to pay for products in installments with zero interest, to more Philippine users through merchant network of the latter.
With this strategic partnership, 2C2P’s merchants can now seamlessly activate BillEase’s card-free installment payment option with a simple integration without requiring customers to sign up for a credit or debit card. The partnership allows customers to apply for credit at the checkout page of 2C2P’s merchants or download the BillEase app for instant approval and split their payments over three, six, nine or 12 months with interest rates ranging from 0 to 3.49 percent.
Launched in 2017, BillEase instantly provides consumers with credit accounts they can use to pay at participating merchants. It provides a transparent, easy-to-understand installment payment plan directly at the checkout and does not charge hidden fees or excessive interest rates. The collaboration will allow BillEase to tap on 2C2P’s extensive alternative payment network reach of over 400,000 locations in the region, and utilize a diverse offering of over 250 payment options across both online and offline channels.
Merchants that partner with BillEase significantly increase conversions and basket sizes. E-commerce platforms already offering the payment option see an increase in checkout conversion between 15-25 percent with average order values increasing up to five times more than transactions that are not made through a point of sale (POS) financing.
“Shoppers increasingly prefer flexibility when it comes to payments, and they reward merchants who provide this solution which adds to customers’ loyalty and lifetime value,” FDFC co-founder and chief executive officer Georg Steiger said. “By partnering with 2C2P, we can help merchants seamlessly enable an installment option and not only serve their existing customers but also reach new customers, particularly Gen Z and Millennials, who are looking for accessibility and simplicity when it comes to payment.”
Early this year, the fintech company received a new license from the Bangko Sentral ng Pilipinas (BSP) in line with the central bank’s Circular No. 1049, Series of 2019 on the rules and regulations on the registration of Operators of Payment Systems (OPS). As a payments and financing platform, BillEase absorbs all fraud and credit risks and pays on behalf of the customers upfront, assuring guaranteed payments for all merchants.
The single integration with 2C2P provides big and small businesses an alternative payment method that is inclusive as the majority of Filipino consumers are uncarded or unbanked. 2C2P Philippines’ country head Peter Cruz said, “Partnering with BillEase is a natural choice, given 2C2P’s commitment to offer our local merchants the best variety of carded and uncarded payment options to reach their target consumer in every market.”
“This partnership is part of our broader regional strategy to offer merchants in every market a unique spectrum of alternative payment options,” Cruz continued. “With BillEase, merchants can significantly increase their customers’ purchasing power through a variety of card-free installment payment plans.”