Digital bank CIMB Philippines and digital payment service provider SeaMoney are collaborating to onboard 2.5 million users to the Buy Now, Pay Later platform SPayLater.
SPayLater is a Shopee service that gives qualifying buyers the opportunity to buy now and pay later or apply for an installment loan for up to 12 months for their Shopee purchases.
SPayLater charges a processing fee of 0-2% per transaction amount, and monthly interest rates for items range from 1-5%. Pay your SPayLater bill by the due date to avoid late fees.
This cooperation with CIMB will nearly increase the number of SPayLater clients to 2.5 million by 2023, which is now over 1.3 million.
CIMB Bank initially teamed with GCash in 2019 in order to offer GCash’s GSave service. The GGives function of GCash resembles SPayLater in many ways.