Singapore, 21 July 2021 – Grab, Southeast Asia’s leading super app, has deepened its partnership with Adyen (AMS: ADYEN), the payments platform of choice for many of the world’s leading companies, by enabling more merchants – starting in Singapore and Malaysia – to offer PayLater payment options to consumers, and address increasing consumer demand for deferred payment methods.
Available through the GrabPay wallet, merchants will now be able to offer PayLater payment methods at checkout, allowing customers to purchase what they want, when they want, and pay for it later without interest. Customers will be able to choose between interest-free payments over four instalments (PayLater instalments), or the following month (PayLater Postpaid).
After Zalora, the Southeast Asia online fashion and lifestyle destination, introduced this deferred payment method on 1 May 2021 via Adyen, it reported a 20% increase in new shoppers and a 15% increase in users using GrabPay to complete a purchase. The online retailer has also seen an increase in sales as shoppers who used Grab PayLater had larger basket sizes, compared to those who used Grab Wallets. For example, in Malaysia, basket sizes were 32% larger and in Singapore, they were 12% larger.
“When it comes to online purchases, shoppers want secure, convenient and frictionless checkout experiences. The PayLater option by Grab ticks all those boxes, while also enabling us to give our customers more flexibility to choose from their preferred payment methods. Not to mention, by having all our payments on a single platform via Adyen, we have a single source of truth for data, can scale easily, and track all transactions in one portal”, said Kannan Rajaratnam, Director of Payments, Zalora.
“We expanded our partnership with Adyen to offer PayLater to businesses, starting in Singapore and Malaysia, as many of our merchants are already integrated with Adyen via their existing APIs. This means they can now easily add deferred payment methods as another flexible option for their customers, at no extra cost. Our strengthened partnership with Adyen will also allow us to add value to more GrabPay users, by enabling them to pay now or pay later for the widest range of everyday needs in Southeast Asia – in a safe, convenient and rewarding manner,” said Chris Yeo, Managing Director and Head of GrabPay, Grab Financial Group.
“Buy Now, Pay Later options are becoming more popular in Asia, and we see demand growing. This partnership gives our merchants the ability to offer this payment method, so their shoppers have more flexibility in paying for their purchases via their preferred payment approach,” said Warren Hayashi, President of Asia-Pacific, Adyen.
Grab and Adyen have been partners since 2016, when the superapp first selected Adyen to extend its GrabPay capabilities across Southeast Asia. The companies work closely to ensure merchants are able to have the quickest way to market, while optimising their workflows and increasing their revenue.
Re-disseminated by The Asian Banker