AUB ventures into buy now, pay later space

MANILA, Philippines — Rebisco-led Asia United Bank (AUB) is riding on the growing momentum for buy now, pay later (BNPL) in the country through a partnership with Atome and Singapore-based fintech MatchMove to launch Atome Card in the Philippines.

Wilfredo Rodriguez, head of operations and technology group at AUB, said BNPL allows Filipino consumers to pay less now without having to worry about interest rate hikes in the future.

According to the fourth-quarter 2021 BNPL Survey of Research and Markets.com, BNPL payment in the Philippines is expected to more than double on an, annual basis to reach P45.2 billion this year as “consumers are increasingly looking for flexible and convenient payment solutions which allow them to manage their finances effectively.”

Rodriguez said that Atome Card offers many Filipinos greater choice, flexibility, and access to quality products and services, extending the benefits of digital commerce to more consumers and businesses in the country.

“This tripartite partnership and innovation between a digital-first financial services provider like AUB, a BNPL leader like Atome, and a fintech like MatchMove will help further accelerate financial inclusion of the unbanked and underbanked in the Philippines,” Rodriguez said.

Atome payments partnerships director Magic Tang said this is the first time Atome is introducing the Atome Card to consumers in the Philippines.

The Atome Card allows cardholders to pay online and in-store retailers by presenting their Atome Card during checkout. It has no annual fees, sign up fees or other hidden charges, as well as easy application on mobile with no minimum income required.

Furthermore, it offers payment flexibility wherein cardholders can buy now, pay up to 45 days later with up to P200,000 limit. Cardholders can also shop anywhere whether in-store or online using virtual or physical card anywhere Mastercard is accepted

Shailesh Naik, CEO of MatchMove, said the company is excited to collaborate with Atome and AUB for the launch of the innovative Atome Card because it is aligned with the MatchMove goal of delivering secure and smooth spend, send, and lend solutions.