Local mobile payment app SpherePay introduced a new credit function allowing users to make purchases in advance of payment.
Calling it Advanced Credit, SpherePay aims to further enhance its mobile payment app user experience by being the first and only mobile payment app to offer a "micro-loan" concept to its users.
'Buy Now and Pay Later' is not a strange phrase to Singaporeans. It was a concept coined since the early 80s, from traditional credit cards to loans and installment payments. SpherePay is revolutionizing this concept by bringing these to its mobile payment app, completing the whole ecosystem of payments via credit cards, debit cards, e-wallet & Advanced Credit.
SpherePay is the only mobile payment app in Singapore that offers this Advanced Credit function that uses QR Code to enable payment at merchant. Any users 18 years old and above are eligible to sign up and apply for this. In addition, users can use this Advanced Credit to make purchases at any of SpherePay's merchants and repay back within 30 - 45 days. This will be very ideal for those who do not have credit cards or simply can't wait for 'pay day' to make their purchases.
The process and approval can be done within 2 hours, whereby users can immediately use this credit to purchase any item. "We are trying our best to provide the most convenient way possible so that our users can get their Advanced Credit as fast as possible. In the near future, this processing time could be even as fast as 10 minutes." says its spokesperson.
Users can apply for Advanced Credit via clicking the Advanced Credit icon in the SpherePay mobile app. For first time users, the credit amount is set at $300. Subsequently, as the app monitors the users spending pattern and repayment promptness, the credit amount will increase accordingly. This is to help cultivate a positive borrowing and spending habit of users.
Prior to completing the application process, users will be notified about the minimal administrative charges and the low repayment interest rate. No paperwork is needed, everything is done via the SpherePay mobile app itself. The process is quick, easy and seamless.
"Making payments more flexible, we hope to give more options to our users to make purchases. The Advance Credit will benefit those without credit cards especially students in tertiary schools, adults who have just started working and homemakers." says its spokesperson. "We do not issue big credit amount to users, just a minimal amount and users can re-apply after making full re-payments. This way, users doesn't need to worry about piling up debts and can control their spending better". SpherePay hopes that this method of Advanced Credit may also in future eliminate the need for credit cards.
As the SpherePay app is making its way beyond the shores of Singapore, it is expanding to the neighboring countries in Thailand, Indonesia & Malaysia this year and will also introduce this Advanced Credit function in its regional expansion plans too. This will further benefit the South East Asian market in time to come.
Contributed | what does this mean?