Buy Now Pay Later trend in Singapore is continuously rising.
Have you used the Buy Now, Pay Later (BNPL) services in Singapore to pay for your online purchases or in-store purchases?
Nowadays, a rising trend of Buy Now Pay Later services which allow customers to pay for their purchases online instantly without paying the upfront costs.
Based on an October 2020 survey, an estimated 1.1 million Singaporeans used the Buy Now Pay Later programs. This implies that since 2020, more have been using BNPL services.
Moreover, a recent Buy Now Pay Later Market Report for 2022 projected that BNPL payments are expected to grow by 52.6% on an annual basis to reach US$ 773.9 million in 2022.
However, if it is your first time knowing about the Buy Now Pay Later service, you may be wondering how it works, and what the best BNPL in Singapore choices are. In this guide, we will let you in on the best BNPL services you can try today.
What is Buy Now, Pay Later (BNPL) Program in Singapore?
Buy Now Pay Later (BNPL) is a type of short-term financing that allows Singaporean consumers to pay their purchases in interest-free instalments. When it comes to the best BNPL Singapore, users can choose to pay for them in a future date. Moreover, there is no need to pay additional charges, which is its biggest advantage.
The best BNPL SG services can help with purchases allowing the consumer to split the payments into chosen multiple payments.
How do Buy Now Pay Later Services Work in Singapore?
Credit cards provide a zero-interest instalment plan on your purchases for a long time. This allows buyers to split their payments in multiple instalment plans – it can be three months, six months, twelve months, or up to twenty-four months. They make money by collecting transaction fees for your purchases.
But with the best BNPL services SG, including Atome, Grab Pay later, Rely and Hoolah, they can provide a zero (0%) interest instalment plan without any processing fee or additional charges.
Buyers can use the best BNPL in SG to split the payment into multiple instalments. However, this buy now pay later service applies only to participating merchants or retailers.
Currently, the best BNPL Singapore providers do not charge the buyers with transaction fees. They simply collect transaction fees from their partner merchants.
However, the buyer needs to pay on time, or else you will need to pay a late payment fee. Moreover, it can lead to account suspension until you have made a payment.
This is why it’s always essential to check the terms and conditions of the best BNPL SG before using the best pay later service.
As you are now familiar with how shop now pay later Singapore providers work, let us find out the best Buy Now Pay Later services in Singapore by comparing the popular BNPL providers.
Atome vs Grab Pay Later vs Rely vs Hoolah: Which is the Best?
Today, among the popular players in the Buy Now Pay Later Providers in Singapore are Atome, Grab Pay Later, Hoolah, and Rely.
You may be wondering about the Best BNPL service in Singapore. Let us find out by knowing more about each of these services.
Don’t have time to examine each pay later Singapore choices one by one? Take a look at this table below to compare Atome vs Hoolah, and other best BNPL Singapore services side by side.
| Considerations | Atome | Grab PayLater | Hoolah | Rely |
|---|---|---|---|---|
| Tenure | 3 months | 4 months | 3 months | 3 months |
| Late Repayment Fee | S$15 | S$10 | From S$5 to S$30 depending on order amount | From S$1 to S$40 depending on order value |
| Vouchers | Get S$10 on the first online purchase. Find more specific vouchers by checking the app. | Get Bonus Grab points by using Grab Postpaid. Check specific merchant vouchers via the app. | Discover specific merchant vouchers by downloading the app. | Get 10% cashback on first transaction. Find more specific vouchers by downloading the app. |
| Availability | Online and In-store Purchases | Online and In-store Purchases | Online and In-store Purchases | Online and In-store Purchases |
| Atome |
|---|
| Tenure: 3 months |
| Late Repayment Fee: S$15 |
| Voucher: S$10 on the first online purchase. Find more specific vouchers by checking the app. |
| Availability: Online and In-store Purchases |
| Grab PayLater |
|---|
| Tenure: 4 months |
| Late Repayment Fee: S$10 |
| Voucher: Get Bonus Grab points by using Grab Postpaid. Check specific merchant vouchers via the app. |
| Availability: Online and In-store Purchases |
| Hoolah |
|---|
| Tenure: 3 months |
| Late Repayment Fee: From S$5 to S$30 depending on order amount |
| Voucher: Discover specific merchant vouchers by downloading the app. |
| Availability: Online and In-store Purchases |
| Rely |
|---|
| Tenure: 3 months |
| Late Repayment Fee: From S$1 to S$40 depending on the order value |
| Voucher: Get 10% cashback on the first transaction. Find more specific vouchers by downloading the app. |
| Availability: Online and In-store Purchases |
1. Atome Buy Now Pay Later Singapore
Atome is now one of the most popular BNPL providers in Singapore which can be used for online and in-store purchases from participating merchants.
How does Atome Instalment in Singapore Works?
Source: Atome Singapore Website
You can use the Atome BNPL services in various partner merchants, which you can find here.
With this best BNPL SG, you can split your payment into an interest-free instalment plan for 3 months.
To use it online, use it when checking out at a participating online merchant store. For in-store purchases, you need to scan and pay using a QR code during your payment.
To get more savings, make sure to download the Atome app. Then, check out specific merchant vouchers. Moreover, get 10% off for your first-time online purchases.
When using Atome, make sure to pay on time. If you fail to repay on time, you will need to pay S$15 for missed repayment to reactivate your frozen account.
Not only that but failure to settle your outstanding balance during the prevailing month can lead to additional S$15 charges (up to a cap of S$30) and suspension of your account.
2. Grab PayLater Singapore
Another popular Buy Now Pay Later service provider is Grab Pay Later in Singapore. You can find this best BNPL Singapore integrated with the Grab App.
How Does Grab PayLater Works?
Source: Grab PayLater Singapore
Before, you could only use PayLater by Grab on participating merchants for online purchases. But now, it can finally be used for in-store purchases.
You can check out the list of partner merchants in the in-app store directly. Don’t worry, there are tons of grab pay later merchant choices that make this best BNPL Singapore provider convenient.
With Grab PayLater, you can split your interest-free instalment payment for 4 months (this tenure is much longer than Atome).
Through this Buy Now Pay Later in Singapore, you can also earn bonus Grab points with Grab postpaid. Earn some vouchers by downloading the app here and checking out specific vouchers on the app. However, you cannot earn Grab rewards with this BNPL service.
Similar to other best BNPL SG providers, it will charge an overdue payment fee if you fail to repay on time. You will need to pay S$10 (lower by S$5 than Atome) for every missed repayment and to reactivate your suspended account.
3. Hoolah Buy Now Pay Later in Singapore
Another best BNPL SG provider is Hoolah due to its number of partner merchants.
How Does Hoolah Buy Now Pay Later Work?
Source: Hoolah Singapore
You can use Hoolah BNPL service to split your payment for online purchases and selected in-store purchases for three (3) months from partner merchants, which you can find here.
Unlike Atome and Grab Pay Later, this best BNPL Singapore has a varying late payment fee depending on the order amount. For orders below S$99, you need to pay S$5 for every missed repayment. You must pay S$15 for every missed repayment on orders from S$100 to S$999.99.
Meanwhile, you need to pay S$30 late repayment fee for orders above S$1,000 for this best shop now pay later Singapore service.
You may check out the latest specific merchant promotions by checking it here.
4. Rely Buy Now Pay Later in Singapore
Rely is another popular Buy Now Pay Later provider Singapore choice. Same as other BNPL companies in Singapore, it allows users to pay their online and in-store purchases into multiple interest-free instalments.
How Rely Buy Now Pay Later Works?
Source: Rely Singapore
You can use Rely for your online and in-store purchases with partner merchants which you can find here. For this BNPL Singapore, users can split the repayment for 3 months or 4 fortnights (every 2 weeks).
However, you have to make sure to repay Rely BNPL on time or else you have to pay between S$1 to S$40 depending on your purchase amount.
You can find specific merchant vouchers by downloading this best BNPL in SG and checking it via the app.
Which is the Best Buy Now Pay Later Service in Singapore?
When it comes to Atome vs Hoolah vs Grab Pay Later vs Rely, which is the best BNPL SG provider?
Honestly, there is no single best answer to this question to what is the best buy now pay later in Singapore. The best BNPL Singapore provider varies depending on where to purchase (partner merchants), tenure, and promotions.
For instance, if there is only one available pay later in Singapore from your chosen merchant, you can say that it is the ideal one for you.
However, if there are multiple BNPL companies in Singapore that include brands you love, it is best to check the tenure, and its recent promotions.
Each BNPL Singapore service also has different terms and conditions. Make sure that you have understood each of them, especially about the repayments.
Failure to repay on time can lead to paying a late repayment fee plus suspension of your account. If you want to maximise the benefits of a Buy Now Pay Later Singapore Solution, you have to make sure that you can repay it on time.
If you want to save more when using the best BNPL SG services, you have to check out the existing promotions of each provider.
Is BNPL Available In Store?
Absolutely. The best buy now pay later Singapore providers can be used for both online and in-store shopping. However, make sure to check with your provider’s merchant list first.
How Does BNPL Make Money?
The best pay later service providers make money by charging transaction fees paid by merchants.
A Word from OMY
Paying in an instalment option using any of the Buy Now Pay Later Program providers in Singapore can be the answer to your financial needs this time. It can help you improve your cash flow, especially during these challenging times.
Thanks to the best BNPL SG providers, you can obtain large purchases split into multiple repayment periods – having affordable repayment amounts.
Moreover, remember that there is no single best pay later Singapore choice. Each has a distinct feature that can help you with your purchases.
However, you must familiarise yourself with the terms and conditions of the different best BNPL Singapore providers. Not only that, but remember to pay on time to get the most benefit from using the Buy Now Pay Later program in Singapore.
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