It has also seen steady pick-up in transaction volumes recently.
The buy-now-pay-later (BNPL) transactions of payment service platform MC Payment for its online-to-offline (O2O) payment platform hit $500,000 in February 2021, the company announced.
It has also seen a steady pick-up in transaction volumes over the past few months.
The group started supporting BNPL transactions for retail merchants on 1 December last year. Currently, there are about 100 acceptance points for MC Payment’s BNPL service in Singapore.
“We are very pleased to provide BNPL transactions on our O2O payment platform for retail merchants in Singapore. BNPL offers a tremendous and growing market opportunity for retailers and payment providers alike, and we look forward to the increasing takeup rates for this service,” MC Payment executive director and CEO Anthony Koh said.
Merchants from the electronics, beauty, furniture and fashion retail industries are expected to be onboarded progressively by MC Payment.