Potential of "Buy now, pay later"​ application in Vietnam

A representative of 9Pay - a "Buy Now, Pay Later" service provider in Vietnam shared: “Compared to traditional services such as credit cards, 9Pay provides “Buy now pay later” service that approves loans quickly not by normal paperwork but based on user behavior data collected on 9Pay's payment platform”.

- Quick approval: Get a real-time decision

- Easy Payments: Split your purchase into 4 easy payments

- No hidden fees: 0% interest payment with no surprises

The evaluation process is simplified and optimized while personal information is secured, making this model more attractive to people of many ages. Also, the elimination of interest rates and hidden fees is a major factor in making the model more accessible to users of all income levels, especially in countries where young people are increasingly accustomed to the presence of technology products.

The Ministry of Industry and Trade data showed 53 percent of Vietnam’s population participated in online shopping in 2020, hailing from different backgrounds and ages. In particular, the personal care industry witnessed sharp growth online in the post-pandemic era, followed by fashion and beauty.

This market potential is also confirmed by Google, Temasek and Bain & Company, predicting the size of e-commerce in Vietnam would take the third position in ASEAN by 2025. Since its inception almost five years ago, "Buy Now, Pay Later" has become a new way of life in developed countries while in ASEAN the trend is taking shape and gaining momentum.