Australia's 'Buy Now, Pay Later' app debuts in Vietnam

By Phong Van   June 16, 2021 | 08:00 pm PT
The LITNOW app developed by LIT Australia Technology Group will officially launch in June, allowing Vietnamese users to buy their favorite products now and pay later in four installments.

LITNOW ( stands for "Life in a Tap", which means every aspect of your life can be addressed with a tap of your phone.

The app develops an ecosystem of products and services to serve the needs of customers, businesses and retailers alike. LITNOW users can opt for offline or online shopping without paying 100 percent upfront. Instead, the system will automatically break up a purchase into four payments that can be paid over 90 days.

Meanwhile, retailers can take advantage of LITNOW's e-commerce payment gateway and QR code to immediately promote their products and services to users.

Currently, LITNOW has been building partnerships with many domestic and international brands in Vietnam, starting from the fields of fashion, cosmetics, beauty and education while adding more diversified choices each week.

Buy now, pay later is popular in developed countries. Photo by: LITNOW

"Buy Now, Pay Later" is popular in developed countries. Photo by LITNOW.

"Buy Now, Pay Later" is not a new model in developed countries like Australia, the U.S. and the U.K. This payment trend is gradually gaining traction in Asia-Pacific countries like Singapore, Malaysia and Indonesia.

The evaluation process is simplified and optimized while personal information is secured, making this model more attractive to people of many ages. Also, the elimination of interest rates and hidden fees is a major factor in making the model more accessible to users of all income levels, especially in countries where young people are increasingly accustomed to the presence of technology products.

The Ministry of Industry and Trade data showed 53 percent of Vietnam’s population participated in online shopping in 2020, hailing from different backgrounds and ages. In particular, the personal care industry witnessed sharp growth online in the post-pandemic era, followed by fashion and beauty.

This market potential is also confirmed by Google, Temasek and Bain & Company, predicting the size of e-commerce in Vietnam would take the third position in ASEAN by 2025. Since its inception almost five years ago, "Buy Now, Pay Later" has become a new way of life in developed countries while in ASEAN the trend is taking shape and gaining momentum.

Covid-19 presents both a challenge and opportunity for LITNOW. As a challenge, rolling it out may prove cumbersome in this inconvenient time. As an opportunity, LITNOW could help people budget better in this difficult period, delaying payments without any interests while maintaining quality of life. Besides, LITNOW can boost total sales and conversion rates for retailers both online and offline. Everyone can be a winner and benefit from LITNOW.

Becoming a LITNOW partner opens a door for retailers of all kinds to reach millions of users as LITNOW scales up.

Contact LIT at:

10th Floor, Friendship Tower, 31 Le Duan Street, Ben Nghe Ward, District 1, Ho Chi Minh City




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