Singtel and Zip, a global Buy Now, Pay Later (BNPL) player, have announced an exclusive partnership to launch Zip’s Pay Later service in Singapore on the Dash app.
This new service provides an alternate payment option for Dash customers, giving them the flexibility to choose between paying for their purchases immediately with Dash or paying later with Zip.
Dash customers can use Zip’s Pay Later service for in-store or online purchases from merchants such as Klook, Omnidesk, OSIM and Singtel. Zip’s current payment scheme offers four interest-free instalments across six weeks. Over the next six months, Zip will be rolling out more payment schemes and bringing on board more than 2,000 merchants through partner agreements with AsiaPay, Razer Merchant Services and HitPay.
Gilbert Chuah, Head of Financial and Lifestyle Services at Consumer Singapore, Singtel said, “Many of our customers want greater choice and control over managing their finances and our partnership with Zip provides just that with an alternative payment method that is transparent and flexible. This collaboration adds to Dash’s rapidly growing financial services business and we are working on expanding our suite of financial products and services to meet our customers’ diverse needs.”
According to FIS’ 2021 Global Payment Report1, BNPL is projected to be the fastest growing payment method for Singapore, with transaction volume expected to increase from US$210 million in 2020 to US$1.3 billion by 2024. A study commissioned by Zip also showed that 56% of e-commerce users in Singapore have used or will consider using a BNPL service.
Larry Diamond, CEO and Co-Founder of Zip said, “We are thrilled to be launching in Singapore through an exclusive partnership with Singtel Dash, one of the country’s most widely-used mobile apps for everyday financial and lifestyle needs. This partnership is consistent with Zip’s strategy to build a truly global BNPL business that supports regional and global partners operating in multiple markets. Our move into Singapore is an opportunity for us to tap into the country’s growing BNPL market and expand our presence in the South East Asian region following our strategic investment in BNPL provider TendoPay in the Philippines.”