Source: Lotte Finance
LOTTE Finance Vietnam, a subsidiary of LOTTE Card, one of the leading credit card companies in South Korea, has launched a Buy Now, Pay Later (BNPL) service to enhance the online shopping experience of Vietnamese consumers.
Called PayLater by LOTTE Finance, it is one of the first BNPL solutions in the Vietnamese market and is based on the Way4 digital payments software from OpenWay.
PayLater by LOTTE Finance is a new concept of consumer finance service that allows customers to make transactions on a Buy Now, Pay Later basis. Within the service, LOTTE Finance grants each customer a personal credit limit. Customers can pay for goods and services on LOTTE Finance’s partner e-commerce platforms within this limit, even if they do not have funds in their bank account or cash in their pockets to pay immediately in full. The first merchant in Vietnam to offer PayLater is the flight and hotel booking provider Vntrip.vn, with one of the largest e-commerce marketplaces in Vietnam to follow suit.
LOTTE Finance uses the Way4 payment system for the BNPL solution logic, including instalment management, end-to-end transaction processing, interest calculation, and real-time integration with 3rd party systems for digital identity, scoring, and contract processing. The new solution extends LOTTE Finance’s credit card business, recently launched onthe Way4 digital payment platform.