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The market for Buy Now Pay Later services in Vietnam


Vietnam is considered one of the potential markets in the Southeast Asia region, experiencing robust growth in the Buy Now Pay Later sector, both in the short and long term.


The popular of Buy Now Pay Later services 

Companies providing Buy Now Pay Later services allow consumers to make immediate purchases, whether online or offline, and gradually pay for the items. Unlike credit card payments, where customers pay regularly at the end of each month, the Buy Now Pay Later service allows for shorter payment terms. In essence, Buy Now Pay Later is similar to interest-free credit card payments, but with shorter payment periods and interest only if payments are delayed.

Although Buy Now Pay Later is relatively new, it has garnered significant attention from consumers for several reasons: it enables buyers to purchase products immediately even without the financial means to pay the full cost upfront; payments are divided into shorter terms, reducing financial pressure on consumers; no interest is incurred if payments are made on time; and the registration process is simple and quick (averaging under 5 minutes, much faster than credit card applications).

For small and medium-sized enterprises, this payment method provides advantages such as increased conversion rates due to reduced financial pressure on customers, higher purchase rates leading to higher average order values, and an easy setup and operation process, saving resources.

Growth of Buy Now Pay Later services in Vietnam

Buy Now Pay Later is not only embraced by consumers but is also predicted to become a potential service in the future. According to Research & Markets, the adoption of Buy Now Pay Later will steadily grow, forecasting a Compound Annual Growth Rate (CAGR) of 31.1% from 2023 to 2028. The total value of Buy Now Pay Later goods in the country is projected to increase from USD 2,281.4 million in 2023 to USD 8,820.6 million in 2028.

Buy Now Pay Later predicted to become a potential service in the future

One of the key factors driving the development of the Buy Now Pay Later market in Vietnam is the young population, tech-savvy individuals who prefer flexible and convenient payment methods.

Additionally, the Buy Now Pay Later service has surged due to the strong growth of e-commerce. The COVID-19 pandemic accelerated the shift to online shopping and e-commerce, increasing demand for Buy Now Pay Later products. Despite economic challenges in the first half of the year, e-commerce continues to be one of the rapidly growing sectors.

To use the Buy Now Pay Later service, customers only need to register an account on the app, provide personal information, and apply for a loan, without the need for income verification. As consumer demand for high-value products such as phones, computers, household appliances, cars, motorcycles, health care, and beauty services continues to rise, the demand for credit also increases. Therefore, Buy Now Pay Later services become more attractive and welcome to many domestic and international entities, including startups, banks, financial companies, and e-wallets.

Recognizing the development potential in the Vietnamese market, Kredivo, the leading digital credit platform in Indonesia, has partnered with 9Pay to provide Buy Now Pay Later services. 9Pay aims to make this financial trend accessible to a broader consumer base, offering a seamless digital payment experience. Importantly, 9Pay will play a crucial role in connecting and providing comprehensive payment solutions for small and medium-sized businesses. Through this, the model will help over 500 business partners within the 9Pay network attract customers, grow their businesses, and contribute to Vietnam's long-term economic development.

View more: Kredivo partners with 9Pay to offer a flexible payment solution for millions of customers and merchants

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