Is your dream branded bag feeling slightly out of reach? Ease that financial burn with buy now, pay later apps in Singapore.
Payday is one of our favourite days. When the money comes in, you’ve got the freedom to do (almost) anything you want. It means making that reservation at the swanky new restaurant you’ve read about, or splurging and refreshing your makeup and skincare drawer. But sometimes, even after budgeting, one payday isn’t enough to score that ticket to Melbourne you’ve been dying to book since travel restrictions lightened up. Enter buy now, pay later (BNPL) apps in Singapore.
What are BNPL apps?
You’re basically turning any purchase into an instalment plan. These apps split your payment into three to four instalments that you’ll pay off over a few weeks or months.
Look at it the same way you would a loan – you’re borrowing money to pay something off. These payments usually have zero or very low interest rates, depending on which app you’re using. Because of the soft credit checks, they’re easily accessible, and anyone can use the apps to help finance bigger purchases.
Disclaimer: there are pros and cons to everything. We’re excited to share more about this up-and-coming tech with you, but remember that BNPLs aren’t for everyone. Do read up on them if you want start using these apps.
Why the fuss?
BNPLs gained popularity during the pandemic when both sellers and consumers were (and possibly still are) struggling with cash flow. Being able to split hefty payments over a period of time eases financial strain, offering increased accessibility to products you usually can’t afford.
For those wondering, “why are you buying something you can’t afford?”, think about it this way. Imagine your laptop suddenly goes kaput and you desperately need it for work or job hunting. Just thinking about shelling out over $1,000 for a secondhand replacement stirs up an unsettling feeling in our chests (and wallets). But, when you use BNPL, the amount gets broken down and it becomes more attainable. Simply put, you have more time to pay it off.
For retailers, this also means bigger cart outs from online purchases. Because bigger bills get split into smaller payments, there’s an increased chance for higher value orders to convert to sales. And we’re not gonna lie, it hurts a little less to see our bank account numbers dip $100 each time rather than dropping a $400 bomb.
While it’s great to have more time to pay off that new branded bag you’ve been eyeing, it’s important to remember that “pay later” doesn’t mean “pay never”. A $500 makeup haul is still $500, no matter how you slice it. Be sure to keep track of what you’ve been spending, and be mindful of late fees!
Buy now, pay later apps and platforms in Singapore
Currently headquartered in Singapore, Atome is one of the leading buy now, pay later brands in Asia. The name stands for “available to me”, as the company aims to empower digital savvy, mobile-first consumers with smarter access to their aspirations. With over 5,000 brands under its belt, you’ve got basically everything sorted from fitness to homeware. Atome splits your bill into three equal payments spread 30 days apart, with no interest whatsoever. Just download the app, set up your account, and you’re good to go!
Atome, available in the App Store and Google Play
2. FavePay Later
With over 40,000 brands on its merchant list, you’ll be surprised at how many of your favourite brands support FavePay as a payment choice. Not only does it have up to 20% cashback and deals that can save you up to 90% of your purchase, but it also has a pay later option! For those of you already using FavePay, continue stacking up rewards and discounts at your favourite restaurants and pay the bill over three instalments.
FavePay Later, available via the FavePay app
For those of you who aren’t too keen on adding yet another app to the collection on your home screen, check this out. Instead of paying through an app, you’ll either use a specially generated link or a unique QR code to make payments. For the motorcyclists out there, we’ve taken a gander round the merchant list and found a bunch of bike shops. We know that custom parts and engine work can add up to a hefty sum, so ease those financial headaches with Payslowslow.
Payslowslow, available online or in-store
4. ShopBack PayLater
This online shopping haven just got even better with the added BNPL option. For those of you looking to book your holiday activities and flights, check out the travel merchants on ShopBack. Not only will you pay in three monthly instalments, but you’ll also get cashback from all the purchases. The cashback earned can be used to offset future PayLater instalments, too. Pro tip: get the ShopBack Button on your Chrome browser and it’ll give you even more deals and discounts.
ShopBack PayLater, available online or on the ShopBack app
Pace is all about sustainable spending – shopping within your means with full transparency and control over what you buy. Its philosophy? Splitting payments doesn’t mean spending more; it’s about your choice of how you pay for the things you need. With every purchase, you earn points which can be converted to vouchers for future purchases. You can even get a virtual Pace card which makes BNPL purchases even easier. Just enter your Pace card details and your bill will be split for you.
Pace, available in the App Store, Google Play, and as a browser extension on Chrome
6. Grab PayLater
If you’ve got the Grab app on your phone (at this point, who doesn’t?), this is for you. Grab’s PayLater option gives you the flexibility to decide if you want to pay over four months, or postpone payments for a little while to give yourself some leeway. It’ll even personalise your PayLater limits based on your spending history. If you ever miss a payment, it’ll do you a solid and suspend your account so the debts don’t snowball. The best part? You’ll get to rack up all those GrabRewards points. All you have to do is go into your Grab app to activate it!
Grab PayLater, available in the Grab app via the App Store and Google Play
Turn huge purchases into bite-sized bills with LatitudePay. With the handy dandy app, you’ll be able to check your shopping history, adjust your payment days, add additional cards, or even pay your balance early. This way, you have all the control and can track when your payments are due so you can budget them out. It’s just two easy steps: create an account and wait for the approval.
LatitudePay, available in the App Store or Google Play
Got your eye on that fancy new gadget? There’s no need to wait with these buy now, pay later apps in Singapore.