Buy Now Pay Later (BNPL) startup Pace announced today (April 5) the launch of its first-ever virtual Pace Card in Singapore to help make BNPL payments even simpler and more secure.
This news came following its recent acquisition of BNPL rival Rely for an undisclosed sum to expand its business.
The Pace Card is a new feature of Pace’s mobile app, and offers consumers the same control, flexibility and security as a physical card.
Pace users can currently only use the card to make payment for online purchases with Pace’s merchants, but will soon be able to use it for in-store payments as well. Pace’s growing list of merchants includes Razer, Dreamcore, Robinsons, Charles & Keith, and Pedro.
How to use Pace Card
To register for the Pace Card, users would first need to sign up on the Pace app along with their credit or debit card details.
At the point of payment, users are required to simply key in their amount of purchase on the app, as well as their Pace Card details. After checkout, the purchase will then be automatically split into three interest-free instalments.
As the Pace Card is linked to the app, users can easily track and manage their payment history. Since the card has no stored value, it also adds a layer of security when transacting by preventing card theft.
In addition, users can integrate the card to Google Pay and Apple Pay for a more seamless checkout.
Beyond mobile payments via the app, users can also tap on the Pace Card extension on Google Chrome browser to make BNPL payments directly from their desktops. Once the extension is installed, users can simply select the Pace Card option to complete the checkout process at selected merchants.
Pace users can also tap on Pace’s loyalty programme, Pace Perks, with the Pace Card. For every purchase made using the card, five per cent of each purchase value will be converted to Perks, which can then be used for discounts on the next purchase.
As for merchants, the Pace Card enables easier integration to their point-of-sale systems to offer wider payment options to consumers.
“Pace aims to drive financial inclusion by making financing easier and more accessible, and the Pace Card reinforces our commitment towards democratising finance for all. By lowering the barrier for merchant adoption, we want to add more value to our merchant partners in driving business growth, while giving consumers wider access to retailers as they continue their sustainable spending journey with Pace,” said Turochas “T” Fuad, founder and CEO of Pace.
Beyond Singapore, the Pace Card will be progressively rolled out to other markets including Malaysia, Hong Kong, Thailand and Japan by the second quarter of 2022. As part of Pace’s expansion plan, this offering will also be extended to new markets Pace is entering.
Featured Image Credit: Pace
