Grab Deepens Partnership With Payments Firm Adyen to Expand Its BNPL Offering
by Fintech News Singapore July 21, 2021Grab has deepened its partnership with payments platform Adyen by enabling more merchants, starting in Singapore and Malaysia, to offer its PayLater service to consumers.
Available through the GrabPay wallet, merchants will now be able to offer PayLater payment methods at checkout.
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 Asian online fashion and lifestyle platform, introduced this deferred payment method in 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.
In Malaysia, basket sizes were 32% larger while in Singapore, they were 12% larger.
Grab and Adyen have been partners since 2016, when the super app 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.
Chris Yeo
“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,”
said Chris Yeo, Managing Director and Head of GrabPay, Grab Financial Group.
Warren Hayashi
“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.
