CIMB, Fave to offer mobile first buy now, pay later service
By Digital News Asia July 27, 2022
- Aimed at providing shoppers with alternative, flexible payment options
- Partnership enables over 8.4 mil CIMB cardholders access to Fave’s BNPL services
Fave, Southeast Asia’s payment app, has announced their latest strategic tie-up with CIMB Bank Bhd to offer a mobile first buy now, pay later service to CIMB’s customers.
In a statement, the bank said this offering is aimed at providing shoppers with access to an alternative and flexible payment option and connect merchants to a larger customer base across Malaysia.
It said this collaboration also enables over 8.4 million CIMB cardholders to have access to Fave’s BNPL service at over 15,000 merchant locations, including Al-Ikhsan, PUMA, Box of Bricks, Focus Point, Jakel and many more.
CIMB said Fave’s BNPL service provides greater flexibility as it allows shoppers to split payments into three interest-free installments.
Users will also benefit from stacked rewards: earn CIMB bonus points and up to 15% cashback with their purchases at selected merchants, it added.
The bank said this collaboration comes in the wake of changing consumer spending and shopping behaviour.
Retailers are not only looking to adopt digital payment methods but also offer solutions to improve the accessibility of their products and services, it added.
Samir Gupta, chief executive officer (CEO), group consumer banking of CIMB Group, “This service provides customers with an alternative and flexible payment option as they transact digitally in today’s mobile-first environment.
‘This partnership marks yet another step towards the convergence of innovation in digital payments with established banking platforms to better serve Malaysians,” he said.
Joel Neoh, CEO of Fave, said, “With FavePay Later we are empowering Malaysian consumers to afford products in the most convenient way: simply opt-in to split a bill into three interest-free instalments at the moment of the checkout when paying with the Fave app.
“Collaboration has enabled us to extend this service to debit card customers that do not have traditional credit lines with financial institutions and improve financial participation,” said Neoh.
Users who link their CIMB debit or credit cards to the Fave app will be entitled to enjoy US$5.60 (RM25) off for their next Fave PayLater transaction with the promo code CIMB25.
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