Opn Holdings’ Opn Payments platform launches Atome, a Buy Now Pay Later (BNPL) payment method, in Malaysia and Singapore, offering consumers the convenience of splitting payments into three installments over three months without extra fees. Merchants receive the full payment upfront, while the popularity of BNPL grows in the region due to higher purchasing power for consumers without credit cards.
20 July 2023 – Opn Holdings Co., Ltd. (trading as Opn), the all-in-one financial solutions company, has introduced its online payment platform, Opn Payments, with the integration of Atome’s Buy Now Pay Later (BNPL) payment method in Malaysia and Singapore. This move comes as a response to the growing demand for versatile payment alternatives, offering consumers the convenience of dividing payments into three equal installments over three months without any extra charges or interest, while ensuring merchants receive the full payment upfront.
Ezra Don Harinsut, co-founder and president of Opn, expressed enthusiasm for introducing Atome’s flexible payment method to Malaysia and Singapore, recognizing the rising popularity of BNPL among consumers. The integration aims to foster business growth for merchants while providing accessible and affordable purchase options for customers.
BNPL has been gaining significant traction in Malaysia and Singapore, especially among consumers without credit cards, as it allows easier access to credit and elevated purchasing power. In Malaysia, where the credit card ownership rate stands at 7.9%, and in Singapore, at 41.7%, the introduction of BNPL provides a valuable alternative.
According to reports from ResearchAndMarkets.com, BNPL payments in Malaysia are projected to experience an annual growth rate of 23.6%, reaching a total value of US$2,298.6 million by 2023. Similarly, in Singapore, BNPL payments are expected to grow by 20.6% annually, with a total value of US$1,270.4 million by 2023.
The collaboration between Opn and Atome in Malaysia and Singapore brings significant benefits for merchants, as they gain access to Atome’s extensive customer base, which comprises over a million users in both countries. Additionally, the affordability offered by BNPL empowers consumers to make more significant purchase decisions, resulting in higher conversion rates and basket sizes for merchants. According to RBC Capital Markets, BNPL can increase conversion rates by 20-30% and boost the average ticket size by 30-50% for e-commerce businesses.
With the introduction of Atome’s BNPL service through Opn Payments, consumers and merchants in Malaysia and Singapore can now leverage a more flexible and convenient payment experience, supporting increased financial inclusivity and business growth in the region.