{"id":50468,"date":"2022-07-30T20:46:24","date_gmt":"2022-07-30T12:46:24","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=50468"},"modified":"2022-07-30T20:46:27","modified_gmt":"2022-07-30T12:46:27","slug":"paymongo-atome-to-expand-buy-now-pay-later-acceptance-in-ph","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2022\/07\/30\/paymongo-atome-to-expand-buy-now-pay-later-acceptance-in-ph\/","title":{"rendered":"PayMongo, Atome to expand \u2018Buy Now Pay Later\u2019 acceptance in PH"},"content":{"rendered":"\n

PayMongo<\/a>, a Manila-based online payment processing platform, announced a partnership with Atome Philippines<\/a> to expand BNPL acceptance among merchants in the country. This partnership enables PayMongo\u2019s 10,000+ merchant network in the Philippines to offer their customers flexible deferred payment options, with no additional annual or service fees as an alternative checkout payment option.<\/strong><\/p>\n\n\n\n

Cash payments fell below 50% of POS share in 2021 and will decline to less than one-third share of transaction value by 2025, according to the 2022 Global Payments Report by FIS WorldPay<\/a>. Digital and mobile payments will absorb the bulk of that spend, said the report. At the same time, BNPL payment adoption is expected to grow steadily in the Philippines, recording a CAGR of 50.9% during 2022-2028 according to researchandmarkets.com<\/a>. BNPL Gross Merchandise value in the country will increase from US$ 383 million in 2021 to reach US$ 9476.8 million by 2028. The certainty and transparency of BNPL repayment and credit terms as well as aversion to high interest fees have led to BNPL\u2019s growing popularity, especially among millennials and Gen Z consumers.<\/p>\n\n\n\n

Anson\u2019s, the leading premium home appliances and electronics store in the Philippines has been one of the merchants to first accept Atome payments via PayMongo. Kristoffer Cheng,\u00a0 eCommerce and Digital Marketing Manager for Anson\u2019s, said: \u201cSetting up Atome as a buy now, pay later option in our website was a quick and easy experience because PayMongo makes integration seamless.\u201d<\/p>\n\n\n\n

Founded in 2019, PayMongo is one of the fastest growing fintech companies in the Philippines. PayMongo offers a quick and fully-online onboarding process and seamless API integration with retail websites or apps, which allow them to accept digital payments such as credit and debit cards, online banking, e-wallets, and now buy now pay later, during checkout.<\/p>\n\n\n\n

Atome <\/a>launched in the Philippines in October 2021 and allows customers to split their shopping bills with flexible deferred payment options, with no additional annual or service fees. Atome has grown to partner 500+ online and offline retailers in the Philippines, including ZALORA, Agoda, Rustan\u2019s and the SM Store. Recent partnerships include the Suyen group, which covers 200+ physical retail outlets such as Bench, Human, Kashieca, Cotton On, Aldo, Charles & Keith, Jo Malone, Mothercare, American Eagle and La Senza, as well as Primer Group which distribute brands such as TUMI, Rox, The North Face, Bratpack, Columbia and The Travel Club.<\/p>\n\n\n\n

\u201cOur partnership with Atome enables our merchants to offer a seamless and flexible payment checkout experience. With the growing trend towards digital payments and the appeal of zero-interest payment options, especially among digital-native customers, we\u2019re confident this partnership will help our merchants grow sales and delight both new and returning customers,\u201d said Miel Pahati, PayMongo Head of Partnerships.<\/p>\n\n\n\n

Jeremy Wong, Head of Strategic Partnerships at Atome, said: \u201cMore than ever, consumers want choice, flexibility, and a more personalized shopping and payment experience. Our partnership with PayMongo in the Philippines will accelerate the acceptance of flexible deferred payment options, and will support thousands of merchants in enabling a superior, secure checkout experience for consumers, in-store and online. This, in turn, will optimize customer conversion, increase average orders and repeat sales.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

This partnership enables PayMongo\u2019s 10,000+ merchant network in the Philippines to offer their customers flexible deferred payment options, with no additional annual or service fees as an alternative checkout payment option.<\/p>\n","protected":false},"author":6,"featured_media":50469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[7344,96,1656],"class_list":["post-50468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-paymongo","tag-technology","tag-technology-investment"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/50468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=50468"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/50468\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/50469"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=50468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=50468"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=50468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}