Buy now pay later (BNPL) startup Pace has launched its first-ever virtual Pace Card in Singapore, designed to make BNPL payment simpler and more secure.
As Vulcan Post reported Tuesday (April 5), the Pace Card is a new feature on the Pace mobile app, and offers users the ability to pay for online purchases with Pace merchants, with in-store purchases soon to follow. Pace merchants include Razer, Dreamcore, Robinsons, Charles & Keith and Pedro.
Upon signing up for Pace, users can register for the card. Once approved, they can key in the amount of their purchase at the point of payment along with their card details. After they’ve checked out, their purchase will be split into three interest-free installments.
Read more: Singapore FinTech Pace Acquires BNPL Firm Rely
Pace users can also use the card to access Pace’s loyalty program, Pace Perks. During every purchase made using the card, 5% of the value will be converted to perks, which can be used for discounts on subsequent purchases.
Users can also integrate the card with Apple Pay and Google Pay, and access the Pace Card extension on the Google Chrome browser to make BNPL payments directly from their computers.
For merchants, the Pace Card allows for easier integration into their point-of-sale systems to offer consumers more payment options.
“Pace aims to drive financial inclusion by making financing easier and more accessible, and the Pace Card reinforces our commitment towards democratizing finance for all,” said Turochas “T” Fuad, founder and CEO of Pace. “By lowering the barrier for merchant adoption, we want to add more value to our merchant partners in driving business growth, while giving consumers wider access to retailers as they continue their sustainable spending journey with Pace.”
Following the launch in Singapore, the Pace Card is set to be introduced in markets that include Malaysia, Hong Kong, Thailand and Japan by the second quarter of this year. The FinTech also aims to expand into other markets.
Pace’s expansion has been helped along by the company’s recent purchase of rival Rely, following which it could offer the services of both companies to more brands in Singapore and Malaysia.
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