Xendit Launches Cardless Installment Option in the Philippines
Xendit, the Indonesia-based financial technology company that provides payment solutions, and FDFC, the fintech company behind the Buy Now Pay Later app BillEase, announce today the launch of their joint PayLater solution to help merchants offer convenient, cardfree installments in the Philippines, where majority of shoppers remain uncarded or unbanked.
Xendit, which allows merchants to accept payments online, can now make it easier for merchants to provide an affordable and transparent installment option at checkout through a single integration. This means Xendit’s merchants can now add BillEase as a payment option with a few clicks. By offering BillEase at checkout, merchants can give their customers the option to split the cost of their purchases into installments either monthly or bi-weekly with no hidden fees.
“Shoppers are increasingly looking for alternative ways to pay, and merchants who offer flexible payment options can rapidly improve their conversion rates and increase average order value,” said Georg Steiger, Co-founder and CEO of FDFC. “We’re excited to partner with Xendit to help Filipino merchants grow more by removing unnecessary challenges customers face at checkout, especially for those who are unable to use credit and debit cards.”
“At Xendit, we aim to give our merchants the options needed to help their business grow by offering all types of payment methods,” said Yang Yang Zhang, Managing Director of Xendit Philippines. “Partnering with BillEase is crucial as the demand for installment solutions has grown in recent years, partly fueled by the pandemic. Additionally, merchants also see a huge demand from their consumers for this type of payment option. That’s why we’re excited to bring our PayLater solution to online retailers in the country.”
Xendit merchants that offer BillEase can allow customers to pay for their purchases online on monthly installments and pay the app over a period of three, six, nine, or 12 months with monthly interest rates between 0 to 3.49 percent — the cheapest rate in the country. Merchants can also choose to offer 0 percent annual percentage rate (APR). For example, a PHP 18,000 purchase would only cost PHP 2,500 over 6 months at 0% APR.
Xendit is a Y Combinator-backed financial technology company that enables businesses to accept and send payments across multiple channels. The company is focusing on API innovation that allows merchants to accept payment with ease on various channels, from debit and credit cards, online banking through Direct Debit, e-Wallets, to over-the-counter outlets, and online installments. Xendit is headquartered in Indonesia and recently expanded in the Philippines to offer this payment solution via API, hosted checkout or third-party plug-ins via Shopify, Woocommerce, WIX, etc.
The partnership with BillEase allows merchants to connect to Xendit’s API and enable BillEase’s payment products: Pay Later lets customers try the product and pay on their next pay day with no interest. Pay in Installments enable customers to enjoy fully-financed purchase and spread payments over time at a zero-to-low interest rate. Pay with Down Payment allows customers to pay 1/3 upfront and pay the rest in installments.
Manila-based FDFC is the first company to launch an integrated installment payment solution for e-commerce merchants in the Philippines that does not require customers to sign up for a credit card or debit card. Unlike credit cards and other alternative lending platforms, BillEase has a transparent agreement with customers with no fine prints, no hidden fees and exaggerated interest rate charges.
About First Digital Finance Corporation (FDFC)
FDFC is a financial technology company building disruptive and innovative products in retail credit for Southeast Asia. In 2017, it launched BillEase, a buy now, pay later (BNPL) payment solution for ecommerce and their customers. BillEase lets customers pay for online purchases across multiple months with fairly-priced interest rates built into every installment, and boosts conversion and average order value for merchants. It also provides a range of in-app services like low-cost cash loans, e-Wallet top ups, mobile loads, gaming PINS, and more. For more information, visit https://billease.ph.
Xendit is a financial technology company that provides payment solutions that simplify the payment process for businesses in Indonesia, the Philippines and Southeast Asia, from SMEs, e-commerce startups to giant corporations. Xendit provides a secure and easy-to-integrate payment system, supported by 24/7 customer service. With a diverse range of products, Xendit’s system can accept payments from credit and debit cards, eWallets, retail outlets, direct debit, and online installments. We provide options to our merchants to choose among APIs, invoices or payment links, and third-party plug-ins.
As the first Indonesian startup to successfully graduate from the prestigious YCombinator incubator in Silicon Valley, Xendit continues to develop to be the best in Southeast Asia. For more information, visit http://xendit.co.