Malaysia-based Razer Merchant Services (RMS), the B2B arm of Razer Fintech, is teaming up with Asian buy now, pay later (BNPL) brand Atome to offer flexible deferred payment options during checkout at online and offline merchants, according to a press release.
Starbucks is among the first merchants to implement Atome’s flexible payment approach through the partnership, which was announced Thursday (July 28). Starbucks and other B2C merchants that use BNPL can make their products more attainable to consumers using flexible, deferred payments, the release stated.
BNPL is expected to grow to $33.6 billion in 2027, up from $7.3 billion in 2019 at a compound annual growth rate (CAGR) of 21.2%, according to the release, which cited a Coherent Market Insights report.
In Southeast Asia, internet penetration grew to 75% in 2021, with 40 million new users in that year alone, the release stated, citing to a 2021 e-Conomy SEA report.
“RMS is very excited for this partnership with Atome, as it will benefit our merchants and their customers by offering the latest and most convenient payment methods across Malaysia,” said Razer Fintech CEO Lee Li Meng in the release. “We look forward to extending this partnership with Atome to reach and penetrate the Southeast Asian market for consumers who do not have access to card scheme installments.”
Atome partners with more than 3,000 merchants across Asia. Its average order value has increased by more than 30%, with an estimated 85% customer return rate, with consumers adding more than 25% of sales for merchants, according to the release.
“Through our strategic partnership with RMS, we hope to continue supporting merchants by offering a flexible, secure, and seamless experience to their customers, to further drive their sales and conversions with flexible deferred payments,” said Atome Head of Strategic Partnerships Jeremy Wong in the release. “We are also excited for Atome users who can now pay for their purchases and for RMS merchants who can attract and retain customers with Atome’s BNPL.”
In June, Razer Fintech acquired Indonesian B2B2C digital payment facilitator PT E2Pay Global Utama, expanding its offline to online digital payment network into Indonesia.
Read more: Razer Fintech Adds PT E2Pay Global Utama for Indonesia Expansion
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