ShopBack's new BNPL feature in Malaysia and Singapore is the latest to join Optty's growing BNPL ecosystem that reaches hundreds of millions of potential customers
SINGAPORE, Aug. 17, 2022 /PRNewswire/ -- Optty, the world's first independent Buy Now, Pay Later integration platform, today announced that it has added ShopBack PayLater to its BNPL integration platform for retailers. As recently announced, ShopBack, Asia-Pacific's leading shopping, and rewards platform, which acquired BNPL hoolah in late 2021, has launched ShopBack PayLater in Malaysia, Singapore, and most recently Thailand. This integration marks the 50th provider to join Optty's growing ecosystem of BNPL and digital payments services.
ShopBack serves more than 35 million shoppers across the Asia-Pacific and, in 2021, drove more than 450 million shopping trips to merchant partners. Integrated with Optty, ShopBack's recently launched BNPL offering powered by hoolah, called ShopBack PayLater, will be offered to all participating merchants in its service area of Malaysia, Singapore, and Thailand as an option through the Optty Retail Control Centre.
"Joining Optty is a great opportunity for us because we want retailers to be able to choose Shopback's BNPL service as quickly, easily, and rapidly as possible," said Hamish Moline, Managing Director, Financial Services, ShopBack. "We recognize that retailers need to offer their customers, not just one, but multiple choices for digital payment. Being available on the Optty platform gives us the ability to be part of what is quickly proving to be a powerful engine for BNPL adoption."
Research shows that retailers offering multiple BNPLs and digital payment options can significantly increase sales. Retailers around the globe using Optty for BNPL integration now have access to 50 BNPLs. When combined, these reach an estimated total of hundreds of millions of customers.
"Offering multiple BNPLs not only helps retailers to create customer loyalty through added choice, but it also helps them to understand market trends better and improve customer experience," Optty CEO Natasha Zurnamer said. "Our data shows that nearly a third of shoppers are initiating more than one BNPL on each visit - with some trying up to 3 or 4 BNPLs before making a final decision. And for retailers, we consistently see a significant boost in sales when they offer multiple BNPLs."
Optty retail customer City Beach used Optty to add extra BNPL providers to its check-out experience and has seen an immediate uptake of the new payment methods by its customer base.
"Today's shoppers want to have options when it comes to how and when to pay," said Rhian Greenway, Chief Information Officer, City Beach. "Optty has made it possible for us to very easily, quickly, and simply turn on more BNPLs, and as a result, exponentially expand our customer base. This new technology platform has proven to be an immediate revenue accelerator and a direct line to creating a better experience for our customers."
Optty brings together the world's BNPL providers in one simple and rapid integration platform. Retailers can connect using their preferred e-commerce platform, integrate once, and switch on the BNPL and next gen payment providers of their choice in minutes. The platform currently has 200 global integrations with 50 BNPL solutions, including Afterpay, Affirm, Atome, Grab, Klarna, Scalapay, and ShopBack PayLater.
ShopBack PayLater is available in Malaysia, Singapore, and Thailand. Retailers that join Optty can sign up for all three markets through Optty.
Optty is the world's first platform to integrate the most popular BNPL technologies in a single place, giving merchants the ability to offer more choice to consumers. Optty is a global organization that provides retailers with a direct channel to dozens of the top global BNPL providers, offering faster connections and improved managed UX and performance like nowhere else.
The ShopBack Group is Asia-Pacific's leading shopping and rewards platform, serving over 35 million shoppers across ten markets.
ShopBack was founded in 2014 and today, ShopBackers across the region continue to win over shoppers by constantly upping their game - be it rewards or meaningful experiences - such that shoppers can achieve a personal victory every time they use ShopBack.
The Group powers over US$3.5 billion in annual sales for over 10,000 online and in-store merchant partners. In 2022, ShopBack launched ShopBack Pay and PayLater, extending the platform's offerings into financial services, providing shoppers responsible and convenient payment options at checkout.