LOTTE Finance Vietnam, a subsidiary of South Korean credit card company LOTTE Card, has rolled out Buy Now, Pay Later (BNPL) services for customers in the country.

The “PayLater by LOTTE Finance” feature is based on the Way4 digital payments software from OpenWay.

With this service, LOTTE Finance grants each customer a personal credit limit.

Customers can pay for goods and services on LOTTE Finance’s partner e-commerce platforms within this limit, even if they do not have funds in their bank account or cash to pay immediately in full.

Customers can quickly and easily apply for a PayLater credit limit with their identity card.

After their application is approved, they can use the service for three years to shop online before having to verify their identity again.

When making a transaction, customers can make payment in full with their approved credit limit without incurring any interest.

Alternatively, they can choose to pay in instalments and divide the transaction value into several smaller payments over a period to reduce the financial burden.

“It was important for us to find a technological solution that would allow us to implement LOTTE Finance’s best practices in developing lifestyle financial services while taking into account the requirements of large online retailers in Vietnam for a seamless checkout experience.

 

The Way4 platform satisfied all our requirements for solution design and our available use cases,”

said Kim Jong Geuk, CEO of LOTTE Finance.

“BNPL projects have skyrocketed recently due to the pandemic and the global growth in digital payments adoption. OpenWay has implemented such projects in Asia, Europe and other regions.

 

This geographical diversity, as well as the in-built flexibility of the Way4 platform, helped us realise different visions of BNPL for our clients,”

said Nguyen Manh Ha, General Director, OpenWay Vietnam.

Featured image: Edited from Unsplash