“Leveraging Digital Payments For Retail Success" with Jeremy Wong| Episode 17
Digital payments have seen unprecedented growth in the past years, entirely shifting consumer habits - most barely even still need a physical wallet when we leave the house these days! Along with this trend, we see the rise of a new form of digital payment - the Buy Now Pay Later (BNPL) service, which is taking retail by storm globally. In this episode of The Future Of Retail Asia Podcast, we get to hear from Jeremy Wong, Head of Strategic Partnerships at Atome, a leading BNPL provider. Jeremy discusses what BNPL is, and how the rise of BNPL will revolutionize the industry as well as consumers’ purchasing behavior.
The Future of Retail Asia, now streaming on Spotify, Apple Podcasts, and Google Podcasts, View the video and full transcript below. Enjoy!
Episode 17: “Leveraging Digital Payments For Retail Success” with Jeremy Wong
– Start Transcript –
IMRAN: Welcome back to another episode of The Future of Retail Asia, one of the top 50 retail podcasts in the world! I am Imran.
JUN: And I am Jun. Today, we have Jeremy Wong from Atome joining us over Zoom! Welcome to the show, Jeremy!
JEREMY: Hi guys! Very happy to be here. Thanks for having me.
IMRAN: Jeremy is the Head of Strategic Partnerships at Atome, where he sets the growth strategy and commercial frameworks for the company across the region. Jeremy has a wealth of experience in the tech and consumer space, previously having taken on similar roles of strategic partnerships and business growth in companies like Fave. We’re really excited today to hear his insights from his expertise in the digital payments industry. Welcome again, Jeremy!
JUN: Yes, Atome is a huge player in the BNPL market, especially in Singapore and the region. Maybe to start off, Jeremy, maybe you could give our audience a brief introduction about what is Buy Now Pay Later, and what kind of traction it has been gaining in the market?
JEREMY: Sure, thanks Jun! So Atome is BNPL, and what we do is, it is a new form of payment. It allows customers to split their purchase into three zero interest payments when they buy a product, and there are no fees involved. For us, we see very huge traction as more and more consumers and businesses go digital, and as millennials and Gen Zs start to have purchasing power. To give an example, in Singapore, if you purchase something for over $100, you can split that into three different installments. $50 you pay today, another $50 you pay a few days later, and the final $50 you pay at the 60 days mark.
IMRAN: I see, so that’s for the consumer. Could you share a bit on more on when you guys work with merchants, for example. When you talk about BNPL, how does it impact the various stakeholders within the retail ecosystem, what kinds of benefits does it drive?