Credify BNPL - A unique offer for your business

Updated: Nov 4


Buy now, pay later, or BNPL, is a type of installment loan. It divides your purchase into multiple equal payments, with the first due at checkout. The remaining payments are billed to your debit or credit card until your purchase is paid in full. This is not only an attractive payment option for Gen Z-ers but it is also an optimal solution for Millenials who have not tried using a credit card before. In addition, BNPL helps businesses to raise their profit when their customers use BNPL for transactions.


Some research has shown that BNPL in Vietnam has been developed greatly and is projected to keep growing strongly in the future. The report found out that BNPL increased conversion rates by 40% on mobile, and 25% on desktop, increasing average order value by 31%. According to Research And Markets, CAGR is likely to reach more than 38% and the total value of BNPL’s goods is likely to be closer to $5 billion by 2028.


A step up from other methods of payment

Using other methods of payment besides cash is no longer new to Vietnamese customers. Most businesses want to improve customer experience by introducing other methods of payment such as installment loans via credit card, payment via bank transfer,...


According to Merchant Machine, until 2021, Vietnam ranks second in the world with 69% of citizens having no access to financial services or no bank account. Apart from that, among 3000 users, there are only 33% of customers having a credit card. The others will cancel their card after opening it due to fees and interest, and most of them have never thought of using the card.



Vietnam is still a developing agricultural country, so it is easy to understand the reason why the percentage of the whole population that has access to financial services is so low. However, the problem does not stop there, with the outbreak of COVID-19, the need for cashless payments becomes even more urgent, which is absolutely not an instant solution but rather a change in the payment habits of customers.


Access to financial and banking services is an important factor to help people solve their spending problems, promote growth and develop the overall national economy. That is why the Credify BNPL solution for business was born with a single mission that is to gradually eliminate inequality in access to financial services for people.


A solution that "satisfies" all the stakeholders

For consumer

Stepping away from the complex procedures and proof of identity when handling a financial transaction, Credify BNPL allows users to interact directly and quickly on the Marketplace’s app with friendly UX/UI, and easily participate in pay-later transactions with carefully calculated terms based on customer information. This ensures that the pay-later rate is most suitable for each individual and the interest rate is zero if the customer pays back within the specified time.


Compared with credit cards, registering a BNPL is much more simple, improving consumer experience significantly, especially for those who have not used a credit card or lack the economic condition for a one-time direct payment. The BNPL method has become extremely popular in developed countries, and The Washington Post has pointed out that during and after the pandemic period in the UK, the volume of BNPL transactions for orders around $500 has increased dramatically.


For Marketplace

The first thing is that sales will increase rapidly for businesses using Credify BNPL as a payment method. Some studies have shown that retail businesses using BNPL often increase conversion rates up to 20% and customers who choose to pay with BNPL often tend to spend 10-40% more than using a regular credit card thanks to the savings’ benefits that BNPL brings.

Additionally, because the BNPL contract is signed between buyer and the Service Provider, the payment to the market will be 100% paid as soon as the contract is signed, helping to ensure a stable cash flow in the system.


For Service Provider

With Credify BNPL, payments made to the market will not incur additional fees because it goes through international payment gateways (Visa, Mastercards, etc.) like credit card payment, helping businesses minimize the cost of converting new customers.


The implementation of penalties for late payment or even preventing users from continuing to use the service will ensure that consumers do not overspend, leading to an inability to pay back. Thanks to this mechanism, more than 95% of BNPL transactions globally have been paid back on time to be able to continue using.


Moreover, with the mechanism of selecting users, Credify BNPL will calculate and allow customers to access suitable incentives regarding their financial condition and personal preferences, which helps to ensure the best customer experience and minimize risks for Service Providers.



An ultimate solution to two difficult problems

For merchants, Credify BNPL targets B2B customers. In the supply chain, manufacturers or platforms with clear transaction history information can fully use Credify's BNPL solution to support the same retailers, distributors to buy now, pay later to rotate capital in time.


The financial institutions will liquidate the funds to the platform or factory in just a few working days, from which the merchants will return the loan to the financial institutions within a certain period of time.


BNPL for consumers is a Buy now, pay later solution for peer-to-peer transactions. Buyers will register BNPL, conduct eKYC and sign a contract with a financial company right on the purchasing platform through Credify's embedded financial technology. After the user is approved for the loan, the system will update the information and the seller will proceed with the delivery.


After the user receives the goods and confirms on the platform, the financial institution will proceed to pay the buyer. The amount received will deduct a market discount rate.


A “3 quick” solution

Quick in the integration process

Putting quality first in all aspects, Credify BNPL is designed with meticulous attention to details to ensure rapid integration into the core technology of its partners. We also put in our products an extremely flexible “customization” mechanism that allows the product to “change” to suit any businesses.


Quick in the user journey

A good solution always comes with a great user experience, more than technology, Credify also wants to bring perfect friendliness to consumers. We discuss with Service Providers to create the simplest user flow, ensuring users can complete an application in minutes, eliminating complicated and expensive paperwork. All BNPL application processes are fast, and 100% online by applying eKYC, eSign.


Quick in the operation process

A complete set of Credify solutions not only helps your business to successfully deploy the service, but also ensures the quality at the stage of operation and related information processing. We listen to our partners to create a smart product management dashboard to help you quickly check and monitor service quality.




In short,

Credify with the desire to be a bridge between Service Providers and Marketplace. As a result, financial institutions only need a single integration with Credify to bring the BNPL solution to existing partners in the Credify ecosystem.


Credify will support the stakeholders to bring suitable BNPL solutions for each specific customer, thereby optimizing the conversion rate and increasing the customer experience for stakeholders. Credify commits to bring the definition of “Embedded Finance” and “Seamless Experience” to users.

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Credify Pte. Ltd.

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Credify Co. Ltd.

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