Although it has only recently appeared, the form of "Buy Now, Pay Later" (BNPL) has proven its strong appeal in Vietnam with the BNPL market size reaching 2.34 billion USD by the end of 2023 (according to an April 2024 report from Research&Markets).

During the period 2024 - 2029, the BNPL service market in Vietnam is expected to achieve a compound annual growth rate of 27.6% and will reach a market size of 11.27 billion USD by 2029. In that development context, the recent cooperation agreement between Home Credit and Be Group has contributed to promoting this trend by providing more than 10 million BE users with a new convenient payment option.

When activating Home Credit's Home PayLater on the BE Super App, in less than 1 minute of approval, users can access a post-payment limit of up to 25 million VND with a streamlined profile verification step thanks to the integration of digital technology.

This Home PayLater payment method also offers many other incentives and financial support such as interest-free up to 45 days, no prepayment required, a variety of services applied in the form of pre-purchase and post-payment right on the BE application such as beFood - ordering food, buying Airline tickets, Trains, Buses, Insurance,...

In addition, Home PayLater users on BE are also exempted from fees such as: account opening fee, conversion fee, usage fee, early settlement fee, providing a faster and more seamless "Buy now, pay later" experience.

Before this cooperation, Home Credit signed a cooperation agreement to deploy the Home PayLater product with other major partners such as The Gioi Di Dong system, Tiki, Traveloka, Lotte Cinema... The handshake between the two giants in the field of digital finance and technology has contributed to a more vibrant picture of the buy now, pay later market, as well as contributing to simplifying and technologizing the spending experience of millions of BE users, while reaching more users in Ho Chi Minh City, Hanoi and more than 50 other provinces/cities nationwide.

Thu Ha