BillEase, and the largest mall chain in the Philippines, SM Supermalls, recently signed a partnership agreement that aims to provide Buy Now, Pay Later (BNPL) or installment payment options for its tenant partners and shoppers.
BillEase shared that this groundbreaking partnership will revolutionize the local shopping experience by paying installments without the need for a credit card, which will eventually strengthen the purchasing power of Filipino shoppers.
The partnership comes amidst the Bangko Sentral ng Pilipinas (BSP)’s campaign to convert 50% of total retail transactions in the country to electronic channels this 2023 to promote a cash-lite economy and drive greater financial inclusion.
With 80 SM Supermalls across the Philippines, the partnership is expected to drive foot traffic and increase consumer spending, as tenant partners are now given the opportunity to offer their shoppers three (3) cardless installment options by simply scanning the BillEase QR Code at their counter:
- Pay Later in 10 or 20 days for small-ticket purchases;
- Pay in 4 installments for medium-ticket purchases; and
- Pay Monthly in 3, 6, 9, or 12 months for big-ticket purchases, with interest rates between 0% and 3.49% – the lowest rate in the country today.
Georg Steiger, CEO and Co-Founder of BillEase, underscored the compelling edges for businesses to join their innovative platform that boasts millions of active users spanning diverse market segments.
“Our mission at BillEase is to make financial services more accessible and convenient for everyone. We are excited to partner with SM Supermalls, a true industry leader, to offer its tenant partners and shoppers a new level of flexibility and convenience. Together, we aim to create a unique and frictionless shopping experience that empowers shoppers to buy their dream purchases and pay on their own terms,” said Steiger.
Steven Tan, President of SM Supermalls, emphasized the key impact of this collaboration for both their tenant partners and shoppers.
“SM Supermalls has always been at the forefront of innovation in the shopping industry. By partnering with BillEase, we are taking another significant step towards providing our shoppers with an unparalleled shopping experience. This collaboration will not only make shopping more convenient, accessible, and enjoyable for Filipinos from all walks of life but will also contribute to the economic growth of the country by giving our tenant partners the access to offer installment payments,” said Tan.