Travel Platform Agoda Teams With Atome to Offer BNPL in Philippines

Agoda, the digital travel platform, is working alongside BNPL firm Atome to add more flexible payment options for the Philippines, a press release says.

The rollout comes as part of the two companies’ partnership.

They were working together in other markets like Singapore, Malaysia, Hong Kong, Thailand and Indonesia.

The partnership will see Philippines travelers paying for their domestic travel accommodations in three installment payments.

Like other BNPL options, this will come without any additional charges. Customers will be able to select Atome as a checkout option on Agoda’s mobile app or website.

Darren Makarem, vice president for commercial finance at Agoda, said the company wants to use technology “to simplify search, booking and payment processes.”

“We’re already live with Atome in several other markets, and building on this regional partnership, we are delighted to now make this service available to travelers in the Philippines,” he said. “Our deferred payment systems will allow travelers, who have previously found it inconvenient to pay for their booking in one lump sum, to spread the costs over multiple payments by choosing to pay with Atome.”

Meanwhile, Sheila Sta. Ines, head of business development at Atome Philippines, said the partnership will help “play our part to boost domestic tourism by providing Agoda customers payment flexibility, affordability and convenience as they book their domestic travel plans; even as we prepare for the safe and smooth resumption of overseas travel and holidays in the new normal.”

She said the pandemic had done severe damage to the travel industry in the area.

Last year Atome also debuted its service in Malaysia, according to PYMNTS.

Read more: Singapore’s Buy Now, Pay Later Startup Atome Partners Up for Malaysia Launch

That came with over 100 online and physical store retailers.

Atome was launched in 2018 and entered local markets with partnerships with Agoda, ezbuy, Eu Yan Sang and Hush Puppies and others, according to the report.

American Honda Finance to Settle CFPB Allegations of ‘Sloppy’ Credit Reporting

American Honda Finance Corporation, CFPB, credit reporting

American Honda Finance Corporation (AHFC) reached an agreement with the Consumer Financial Protection Bureau (CFPB) to settle the regulator’s allegations that the company reported inaccurate information that was then added to consumers’ credit reports.

The CFPB alleged that the company violated the Fair Credit Reporting Act (FCRA) by furnishing false and harmful information that ended up on borrowers’ credit reports, continuing doing so after determining that several types of information were inaccurate, failing to investigate disputes about information it provided to credit reporting companies, and failing to send the results of investigations to those companies and consumers, when required, the regulator said in a Friday (Jan. 17) press release.

AHFC is the auto financing arm of American Honda Motor Co. and the sole authorized distributor of Honda and Acura vehicles in the United States. The inaccurate information it provided affected the credit reports of 300,000 borrowers, according to the release.

“Honda Finance used sloppy practices that smeared the credit reports of hundreds of thousands of its customers,” CFPB Director Rohit Chopra said in the release. “False accusations on a credit report can have serious implications for Americans seeking a job, housing or a loan.”

The CFPB’s order resolving these charges requires AHFC to take steps to correct its prior erroneous reporting, pay $10.3 million in redress to harmed consumers and pay a $2.5 million penalty to the regulator’s victims relief fund.

Reached by PYMNTS, AHFC said in an emailed statement: “AHFC has not admitted any wrongdoing but resolved this matter to better focus on its customers. AHFC will continue its efforts to provide the best possible financing experience for its customers.”

This news came on the same day that consumer reporting agency Equifax agreed to a settlement and consent order that will resolve CFPB allegations that it failed to take steps to ensure the accuracy of its credit reports. That consent order requires the company to pay a $15 million civil penalty.

In November 2023, the CFPB ordered Toyota Motor Credit to pay a $60 million fine for engaging in illegal lending practices and credit reporting misconduct that knowingly tarnished consumers’ credit reports with false information.

In July 2022, the regulator ordered Hyundai to pay more than $19 million for providing inaccurate information to credit reporting companies and failing to take proper steps to deal with inaccurate information after it was identified.