Atome, a subsidiary of ADVANCE.AI, launches ‘Buy Now, Pay Later’ solution in Singapore

Source: IBS Intelligence 2020-07-01

Technology start-up company Atome, has launched a ‘buy now, pay later’ solution to support the recovery of Singapore’s retail sector during and beyond COVID-19 times. Founded in 2016, the company is a subsidiary of ADVANCE.AI, which is a Series-C big data and AI company headquartered in Singapore and is applying for Singapore’s digital wholesale banking licence.

David Chen, CEO, Atome stated, “The way people shop has irreversibly changed. Retail has irreversibly changed. The shift towards online began before COVID-19 but this has now accelerated. Businesses have to adapt quickly and find new sources of revenue and new ways to serve existing as well as new customers. As we’ve seen, having Atome as a checkout option in merchants’ online — as well as physical — stores makes a big difference, especially among digital savvy millennials. It’s a win-win for both retailers and their customers.”

As businesses adjust to new consumer trends such as contactless payment, physical safe distancing measures and online shopping, Atome works by splitting bills into 3 equal, zero interest instalments over time. This is done by either scanning a QR code at a physical shop or choosing Atome during the checkout process on partner merchants’ websites. Consumer benefits include convenience, increased affordability and greater transparency compared to traditional payment methods like cash or credit cards.

Atome already partners with 500 merchants, including brands in popular verticals like fashion (Playdress, Lovet, Melissa shoes, Hush Puppies), beauty (Spa Esprit Group, Beauty Emporium, Kimage Salon), home decor (Star Living, Houze), lifestyle (Herschel, Bynd Artisan, Cocomi) and electronics (iStudio, Epic Gear).

In the first three months since its soft launch, the Singapore-based company has stated that it has witnessed a growth of 11X in gross transaction volume on its platform. Since the circuit breaker started in March, it has also seen a 230 per cent growth in online transactions. 70 per cent of Atome’s customers are millennials aged between 20-40 years old.

Atome

Atome, a subsidiary of ADVANCE.AI, launches ‘Buy Now, Pay Later’ solution in Singapore

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