Source: Media Outreach
Headline: ‘Buy Now & Pay Later’ – SpherePay introduces Advanced Credit
Advanced Credit function will be the first in Singapore to be acceptedas a mobile credit QR Code enabledpayment method at merchant.
Plans to expand to theneighboring countries in Thailand, Indonesia & Malaysia this year.
SINGAPORE –Media OutReach – 9 January, 2018–
Local mobile payment app SpherePay introduceda new credit function allowing users to make purchases in advance of payment.Calling it Advanced Credit, SpherePay aims to further enhance its mobilepayment app user experience by being the first and only mobile payment app tooffer a “micro-loan” concept to its users.
‘Buy Now and Pay Later’ is not a strange phraseto Singaporeans. It was a concept coined since the early 80s, from traditional creditcards to loans and installment payments. SpherePay is revolutionizing thisconcept by bringing these to its mobile payment app, completing the wholeecosystem of payments via credit cards, debit cards, e-wallet & AdvancedCredit.
SpherePayis the only mobile payment app in Singapore that offers this Advanced Creditfunction that uses QR Code toenable payment at merchant. Any users 18 years old and above areeligible to sign up and apply for this. In addition, users can use thisAdvanced Credit to make purchases at any of SpherePay’s merchants and repayback within 30 – 45 days. This will be very ideal for those who do not havecredit cards or simply can’t wait for ‘pay day’ to make their purchases.
Theprocess and approval can be done within 2 hours, whereby users can immediatelyuse this credit to purchase any item. “Weare trying our best to provide the most convenient way possible so that ourusers can get their Advanced Credit as fast as possible. In the near future,this processing time could be even as fast as 10 minutes.” says itsspokesperson.
Userscan apply for Advanced Credit via clicking the Advanced Credit icon in theSpherePay mobile app. For firsttime users, the credit amount is set at $300. Subsequently, as the appmonitors the users spending pattern and repayment promptness, the credit amountwill increase accordingly. This is to help cultivate a positive borrowing andspending habit of users.
Prior to completingthe application process, users will be notified about the minimaladministrative charges and the low repayment interest rate. No paperwork is needed,everything is done via the SpherePay mobile app itself. The process is quick,easy and seamless.
“Making payments more flexible, we hopeto give more options to our users to make purchases. The Advance Credit willbenefit those without credit cards especially students in tertiary schools,adults who have just started working and homemakers.”
says its spokesperson. “We do not issue big credit amount to users,just a minimal amount and users can re-apply after making full re-payments.This way, users doesn’t need to worry about piling up debts and can controltheir spending better”. SpherePay hopes that this method of Advanced Creditmay also in future eliminate the need for credit cards.
Asthe SpherePay app is making its way beyond the shores of Singapore, it isexpanding to the neighboring countries in Thailand, Indonesia & Malaysia thisyear and will also introduce this Advanced Credit function in its regionalexpansion plans too. This will further benefit the South East Asian market intime to come.
About the Company
SpherePayis developed by OPG Asia Pte Ltd, (OPG). OPG is the world’s leading provider offinancial innovation and payment services. The company is committed to thedevelopment of electronic business and operations to improve the operationalefficiency of the society as a whole.
Withthe support of cloud computing, OPG have developed SpherePay which is a mobileapplication with secured online payment, fund management and consumerfinance. OPG ensures that all data arebeing protected and secured. This allows consumers to have a fast, hassle freeand convenient experience, and ensure our merchant partners have a safe,reliable and efficient payment gateway platform.
Launchedin Singapore in November 2017, SpherePay has quickly grown its footprint andhaving over 60,000 users in Singapore and over 100 merchants. SpherePay aims tobe among the fastest growing mobile payment app in South East Asia.
Formore information on SpherePay, please visit our website at www.spherepay.com
Facebooklink at https://www.facebook.com/SpherePay/
Published and distributed with permission of Media-Outreach.com.