Pace Enterprise, a Buy Now Pay Later (BNPL) company, announced the launch of its virtual Pace Card which is now available in Singapore which can be activated instantly without any fee via the app.
As a new feature of Pace’s app, the Pace Card offers consumers the same control, flexibility and security when making BNPL payments as one would with a physical card.
At launch, consumers will be able to use the Pace Card for all online purchases with Pace’s merchants, with in-store payments soon to follow.
With the Pace Card connected directly to the app, consumers can easily track and manage their payments. Users will also be able to integrate the card to Google Pay and Apple Pay.
Beyond mobile payments via the app, users can also tap on the Pace Card extension on Google Chrome browser to make BNPL payments directly from their desktops.
For merchants, the Pace Card enables easier integration to their point-of-sale systems, driving greater adoption of the new, secure technology to offer wider payment options to consumers.
The Pace Card is connected to Pace Perks, Pace’s loyalty programme, to enable consumers to gain more benefits when they shop using the virtual card.
For every purchase made using the Pace Card, 5% of each purchase value will be converted to Perks, which can then be used for discounts on the next purchase.
The Pace Card will be rolled out to other new markets including Malaysia, Hong Kong, Thailand and Japan by Q2 2022.
As part of Pace’s expansion plan, this offering will also be extended to new markets Pace is entering.
To date, Pace has over 5,000 points-of-sale across the region and targets to reach 1 million users by end 2022.
Last week, Pace announced that it has signed a deal to acquire its competitor Rely for an undisclosed sum following its US$ 40 million Series A fundraise in November 2021.
Turochas “T” Fuad
“Pace aims to drive financial inclusion by making financing easier and more accessible, and the Pace Card reinforces our commitment towards democratising finance for all.
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”,
said Turochas “T” Fuad, Pace’s Founder and CEO.
