Kredivo Application Is – Kredivo – the leading digital platform in Indonesia and one of the most valuable fintech unicorns in Southeast Asia – in collaboration with VietCredit JSC recently announced the launch of its advanced product in Vietnam, which allows users to access loans up to VND. 25 million ($1,075 USD).
With the introduction of the updated content, Kredivo and VietCredit are pioneers in offering a unique product in the “Buy Now, Pay Later” space throughout the country. This is in line with his goal of introducing new payment methods for Vietnamese people.
Kredivo Application Is
In the past few years, e-commerce in Vietnam has experienced unprecedented growth and development, becoming one of the fastest growing economic sectors in Southeast Asia. It is expected to become one of the largest digital economies in the coming years.
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According to the Vietnam E-Commerce Association, e-commerce will grow by 20 percent in 2021 and is worth US$ 16 billion.
The growth and potential of the market depends on strong factors, including the population and youth, high internet and mobile usage, and frequent online shopping.
Vietnam’s e-commerce ecosystem needs to overcome other obstacles, such as the decline of credit cards and the popularity of remittance as a payment method, which is estimated to be about 80 percent in all transactions in 2021, in order to continue and grow. . the growth of the industry in the coming years.
According to Kredivo, Vietnam’s e-commerce industry has similarities with Indonesia in terms of its great potential, but also some challenges that both face.
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In Indonesia, Kredivo has helped remove barriers to the country’s online retail business by launching a modern digital credit payment system that allows Kredivo to reach more than 5 million users.
Traders also benefit from instant trading income through its double-entry exit. This makes Kredvo the market leader with less than 50% “Buy Now, Pay Later” share among major Indonesian merchants.
Valery Krotas, CCO and Head of International Expansion at FinAccel, Kredivo’s parent company, said: “As an advanced e-commerce transaction engine, Kredivo is a business for merchants and a great user experience.
Kredivo’s Pay Now Pay Later platform allows customers to shop instantly and choose to pay within 30 days or 3, 6 or 12 months with just two clicks at checkout. After signing up, customers get a renewable limit through the mobile app.
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“More than 60 percent of users received their first loan through Kredivo. We believe that Kredivo’s ‘Buy Now, Pay Later’ will enable money to be integrated in a reliable, efficient, secure and affordable way, furthering the development of e-commerce in Vietnam. to some extent,” added Crottaz.
In partnership with VietCredit JSC, Kredivo was first launched in Vietnam in August 2021 with a key feature that allows users to exchange up to VND 5 million ($215).
Recently, Kredivo and VietCredit continued to introduce a premium product, which allows users to receive up to VND 25 million (US$1,075) in 12 months, a very unique concept in today’s “Buy Now, Pay Later” market.
This is another important factor for the company to achieve its mission of providing financial and technical solutions while providing exceptional customer experience. Ho Chi Minh City, Aug 27, 2021 Financial Joint Stock Company () has partnered with Kredivo, Indonesia’s leading fintech company to launch a ‘Buy Now, Pay Later’ transaction on a digital platform. This partnership helps Vietnamese consumers to access the latest technology and make online shopping faster and with more options than ever before.
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Basic understanding Buy Now Pay Later (BNPL) is a short-term financing option that allows consumers to purchase goods quickly without paying the entire amount at once. Buyers can split their purchases into installments at any time, usually from one month to the next, with no additional fees if paid on time. In the past, consumers used to pay in installments to buy electronics, motorcycles, etc., or shop online by paying with a credit card. Today, consumers can buy anything on the e-commerce platform through BNPL without using a credit card.
BNPL’s unique features are simple, user-friendly, easy-to-use subscribers for mobile devices and various products that cater to the specific needs of consumers. BNPL also attracts another feature that allows consumers to make instant purchases without a credit card. This provides quick and easy online shopping for shoppers who don’t qualify for a credit card. With BNPL, consumers can buy shoes, clothes or everyday goods at affordable prices. In addition, consumers can also use BNPL loans to pay their monthly bills such as electricity, water, internet, etc.
In Vietnam, BNPL is still a new channel, but it is expected to grow rapidly in the near future because Vietnam is a potential market with many people, especially made up of young people (millennials who are 18-40 years old). Due to the increased use of mobile phones and the Internet, more people are choosing to use technology for shopping.
The Covid-19 pandemic has drastically changed consumer behavior from shopping in traditional stores to online shopping. According to the Deloitte Vietnam Consumer Survey in 2020, online shopping habits have increased from 68% to 76% of 20-40 year olds who shop e-commerce 1-3 times a month. The Vietnam E-Commerce Association predicts that 2021 to 2025 will be a period of rapid growth in e-commerce, with an average growth of 29% compared to 15% in 2020, opening up many opportunities. . it will grow in the future. Due to the above reasons, the BNPL brand will be promoted rapidly and will soon become popular in Vietnam.
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Therefore, by partnering with Kredivo to introduce BNPL, the aim is to solve unmet financial needs, bringing Vietnamese consumers closer to high-quality financial transactions, fully and efficiently – improving the digital financial transactions of customers, especially new customers in today’s modern market. years Therefore, you can increase your competitive advantage in the market.
At the same time, BNPL is helping to create modern, secure and user-friendly electronic payment systems with the help of digital transformation. Therefore, BNPL strongly promotes contactless, contactless payment, which is encouraged by the Government of Vietnam and the State Bank of Vietnam.
Tam Minh Ho, CEO, said: “The use of fintech technologies to create an additional way to reach potential customers ensures the ability to conquer the financial market of consumers with a large number of new customers.”
“Partnering with a major Fintech company like Kredivo also shows the strategy and speed of the State Bank of Vietnam. This strategy encourages financial companies to collaborate with Fintech companies to create fund solutions and business models that are friendly, safe, easy and affordable. it’s work,” added Tam.
Credit Without A Card
The products are divided into several categories. The first phase provides a way to pay off loans for daily needs and personal loans. The BNPL E-commerce project will be officially launched in the fourth quarter of 2021.
As we know about the potential market in Vietnam, BNPL will soon become a popular and good service to promote the rapid growth of online shopping. However, based on a customer-oriented business model, customers are always asked to avoid overspending and ensure that they use credit as efficiently as possible.
This important event was reported by Vietnamese media and other countries, please read more below!JAKARTA – Promoting the culture of the importance of fashion, including during Eid Impulse, Kredivo, “Buy Now, Pay Later” digital payment platform in Indonesia with financial license details, announced a partnership with PT Matahari Department Store Tbk. (LPPF).
Through this agreement, consumers can shop with Kredivo at 139 Matahari stores in Indonesia, choosing their preferred payment term, which is 0% interest for payments within 30 days and 3 months, or 2.6% interest per month for 6 or 12 installments The agreement is a sign of hope on both sides of the fashion industry, which continues to fuel the growth of the retail industry.
Cara Pinjam Tunai Di Kredivo
Lilia Suriani, General Manager of Kredivo Indonesia, said: “We welcome this partnership. The partnership with Matahari is Kredivo’s way of fulfilling our commitment to serve millions of users in the coming years, including serving consumers in categories ranging from technology, electronics, fashion, beauty, food and lifestyle. With the presence of Paylater Kredivo in 139 Matahari stores in Indonesia, we believe that consumers will have the opportunity to find their high fashion needs, especially.
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