Homegrown cashback and rewards platform ShopBack announced today (July 14) that it has launched ShopBack PayLater as a a new Buy Now, Pay Later (BNPL) payment option.
This announcement comes following ShopBack’s acquisition of Buy Now, Pay Later provider hoolah in November 2021, and marks the Group’s move to offer a broader suite of financial services to its shoppers.
The new feature integrates hoolah’s platform capabilities, enabling shoppers to split their in-store or online purchases into three interest-free monthly instalments when they check out via ShopBack.
Cashback earned from shopping via ShopBack Pay can also be used to offset PayLater payments.
ShopBack PayLater will be available at over 4,000 online and offline merchants in Singapore and Malaysia, including Charles & Keith, Crate & Barrel, Love Bonito, Shiseido, ZALORA and more.
“Financial flexibility is the key to achieving our goal of making shopping rewarding, personalised, and accessible to all. Our PayLater feature removes the need for initial large lump sum payments and allows users to divert resources saved from instalment payments to merchant purchases or even their own savings. This makes ShopBack an optimal space for enabling rewarding shopping experiences while encouraging financial mindfulness,” said Hamish Moline, Managing Director, Financial Services at ShopBack.
ShopBack FTW
In line with the new PayLater feature, ShopBack is also kicking off its first global brand refresh across its 10 markets in Asia Pacific.
Underscored with its new tagline ‘For the Wins’ — a play on the popular Internet catchphrase — the brand refresh looks to translate the small wins on ShopBack’s platform into an elevated shopping experience.
To illustrate the full suite of benefits that ShopBack provides, the Group’s global rebrand will focus on empowering its shoppers to achieve small wins in their daily shopping and payment activities.
“ShopBack believes in the power of small wins, applied consistently and continuously, and we work relentlessly to deliver smarter ways to shop and pay. We hope that the rebrand brings out this message more strongly to our shoppers,” said Henry Chan, CEO and co-founder of ShopBack.
“As we grow our network of partners and global brands, we will continue to engage shoppers across multiple touchpoints, help partners gain visibility and sales, and support them in achieving their own victories through small wins.”
In collaboration with CapitaLand Malls, the rebranding campaign will include a series of roving pop-ups across Singapore, where participants stand a chance to win S$100,000 worth of Tesla shares and other prizes.
The global rebrand and launch of ShopBack PayLater are the latest in a series of milestones achieved by ShopBack.
It most recently unveiled the launch of CAMPUS by ShopBack, its new Singapore HQ at Pasir Panjang. It also raised US$80 million funding in June, and launched its ShopBack Pay service earlier this year.
Moving forward, the Group plans to deepen its product offerings and expand its financial services to more markets in the coming months.
Featured Image Credit: ShopBack / Screenshot by Vulcan Post
