Zalora to Offer Pace’s BNPL Payment Option in Singapore and Malaysiaby Fintech News Singapore March 15, 2022
Pace Enterprise, a Singaporean Buy Now Pay Later (BNPL) company, has announced a regional partnership with ZALORA. Pace is currently available to Zalora customers in Singapore and Malaysia.
The partnership gives ZALORA shoppers the option to split their transactions into three interest-free installments at checkout.
To make a purchase, consumers will need to select Pace at the Zalora website or mobile webpage during checkout and will be directed to the Pace website to complete the payment.
Payment via Zalora app will also be available later this year.
New Pace users will need to register for a new account while existing users can simply log into their Pace account to complete the payment.
Pace reported that early results from Singapore and Malaysia show an estimated 30% rise in average spend.
The partnership also saw an increase in customer acquisition for both ZALORA and Pace, with about 20% of Pace transactions being made by new ZALORA customers.
Pace said that it aims to onboard 1 million users and record an annualised Gross Merchandise Value (GMV) of US$1 billion by the end of 2022.
“With Pace, we’ll be adding another safe and secure payment option for our customers in Southeast Asia.
ZALORA is committed to providing our shoppers more options as the region continues to embrace digital retail for all their fashion and lifestyle needs,“
said Kannan Rajaratnam, Regional Director of Payment and Customer Operations, ZALORA.
“For Pace, it marks a major milestone and allows us access to a new group of ecommerce shoppers through Zalora.
By offering transparency, control and flexibility, our goal is to offer a more sustainable way of shopping,”
said Turochas “T” Fuad, Pace’s Founder and CEO.