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Kredivo introduces its newest competitive offer amongst Buy Now Pay Later providers

by PV01 July 2022 Last updated at 11:09 AM

VTV.vn - Kredivo has just announced, in partnership with VietCredit JSC, the launch of its Premium product in Vietnam, enabling users to access a credit limit of up to 25 million VND.

With the launch of its revamped offering, Kredivo and VietCredit pioneer by providing a very unique product in the Buy Now Pay Later space across the country, in line with its ambition to bring innovative payment solutions to the Vietnamese market, for the benefit of the Vietnamese people.

In the last few years, Vietnam e-commerce has experienced unprecedented growth and evolution, becoming one of the fastest growing digital economies in Southeast Asia, and expected to become one of the largest digital economies over the next few years. According to the Vietnam Ecommerce Association, e-commerce growth has grown by more than 20 percent in 2021 (YoY) and is valued at 16 billions USD.

Market growth and potential relies on solid fundamentals, including but not limited to a large and young population, high internet and mobile devices usage rate, and a high online purchase frequency. To sustain and increase the industry’s development rate over the coming years, the Vietnam e-commerce ecosystem has to solve for some structural bottlenecks, such as the low penetration of credit cards and the popularity of Cash On Delivery (COD) as a payment method, estimated to account for 80 percent of the total transactions in 2021.

According to Kredivo, the Vietnam e-commerce industry has some similarities with Indonesia in respect of the tremendous potential it represents as well as some of the challenges both face. In Indonesia, Kredivo has contributed to remove the obstacles of the country's online retail industry by introducing the most advanced digital credit payment method, enabling Kredivo’s 5 million+ users in Indonesia to get instant access to flexible and affordable credit, and the merchant partners also benefit from instant point-of-sale financing, powered by its unique 2-click checkout. That makes Kredivo a market leader with at least 50 percent Buy Now Pay later wallet share across most of the major Indonesian e-commerce merchants.

Valery Crottaz, Chief Capital Officer & Head of International Expansion of FinAccel, parent of Kredivo, said, “As a superior transaction engine for e-commerce, Kredivo is a sales enabler for merchants. Merchants using Kredivo see 30-50 percent increase in the average order value and very high user stickiness.”

Kredivo's Buy Now Pay Later platform allows customers to make their purchases instantly and choose to pay in 30 days, 3, 6 or 12 months with the simplicity of 2 clicks at the checkout. Upon registration, customers get access to a revolving credit limit through a mobile application.

“More than 60% of our users get their first credit through Kredivo. We believe that Kredivo's Buy Now Pay Later will enable financial inclusion in a responsible, convenient, safe, and affordable manner, further driving growth in the Vietnam e-commerce to the next level,” added Valery.

In partnership with VietCredit JSC, Kredivo in Vietnam initially started in August 2021 with a Basic product enabling users to transact with a limit of up to 5 million VND. Recently, Kredivo and VietCredit continue to introduce Premium product, allowing users to get up to 25 million VND payable over 12 months, which is a very unique value proposition in the current Vietnam's Buy Now Pay Later markets. This is yet another milestone of the company in reaching its goal to deliver innovative financial solutions and technologies to the market while providing an amazing customer experience.

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