PayMongo, Atome offers BNPL services to 10,000 Philippine merchants
This comes as the share of cash payments is expected to fall further by 2025.
PayMongo, a Manila-based online payment processing platform, has teamed up with Atome Philippines to expand its buy now, pay later (BNPL) network across the Philippines.
Through this partnership, PayMonto’s over 10,000 merchant network can now offer flexible deferred payment options with no additional annual or service fees.
The partnership comes following a report by FIS WorldPay that found that cash payments have fallen below 50% of point-of-sale (POS) share in 2021. It will further decline to less than a third of the share of the transaction value by 2025, according to FIS. At the same time, BNPL payments are expected to steadily grow in the Philippines.
Anson’s, a home appliances and electronics store in the Philippines, is one of the merchants to first accept Atome payments via PayMongo.
“Setting up Atome as a buy now, pay later option in our website was a quick and easy experience because PayMongo makes integration seamless,” said Kristoffer Cheng, eCommerce and Digital Marketing Manager for Anson’s.