SINGAPORE, Oct. 20, 2021 /PRNewswire/ -- Pace, a Singapore-based payment solution provider that allows customers to Buy Now, Pay Later ("BNPL"), today announced its business updates for the third quarter ended September 30, 2021 ("Q3 FY21"). Pace's BNPL operations, where shoppers can split their purchase bills into three equal interest-free payments, continue to grow across all markets. Moving beyond Singapore, impressive growths for both users and merchants were evident in Hong Kong, where its user base increased the highest, and the city gaining the most points-of-sale in Q3 FY21.
The growth momentum was partly aided by a debt financing round, which Pace secured at the end of June, as it forges ahead in scaling regional operations, and the addition of more merchant partners.
Selected highlights:
- GMV increased by over 200 percent "QoQ", driven by highly encouraging growth across markets with a more than 3x increase in Pace user base.
- With a growth multiple of nearly 4x, user base in Hong Kong saw the highest jump. This sits alongside a 3x increase in the total number of points-of-sale across the city.
- A continued strong growth in user base for Singapore and Malaysia, with QoQ growth rates for both countries exceeding 200 percent.
- Pace continues to help merchants increase the number of transactions by engaging with Gen-Z and Millennial shoppers. This includes active in-market campaigns such as one held over National Day in Singapore, where it saw the number of transactions going up by 17 percent among participating merchants.
- With shoppers increasingly accustomed to using Pace as a BNPL payment option, especially during the pandemic where contactless payments are preferred, Pace is constantly working with merchants in rolling out bespoke marketing campaigns to funnel shoppers to their stores to achieve higher sales - a computer gaming merchant in Malaysia achieved a QoQ growth of 55 percent in GMV when Pace ran a promotional campaign from June to September.
- Merchant growth was partly due to an exclusive partnership that Pace inked with Valiram in the region, with Pace added as a payment option to over 20 international brands represented by Valiram. This allowed Pace to add over 200 points-of-sale across the region including stores such as Michael Kors, TUMI, Victoria's Secret, Bath & Body Works, Steve Madden and Pedro in Malaysia.
- Pace is also working with additional payment service providers across the region for them to incorporate Pace as a payment option for their merchants. The first partnership is being finalized and will be implemented by the end of this year.
- Pace is forging ahead to launch in new markets in Q4 FY21, with plans on track for Pace to go 'live' in additional markets across Asia.
- Pace continues to support customers with financing tools and budget trackers on the Pace app for users so that they can spend sustainably and track how they are spending.
About Pace
Pace is a fast-growing fintech solutions provider with a mission to provide financial inclusion across Asia. It aims to build a banking engine that can operate across countries easily to help merchants create sales efficiencies and provide consumers with an option to spend sustainably. Its "Buy Now Pay Later'' (BNPL) solution for offline and online merchants matches customers with appropriate spend limits and allows them to split their purchases over three equal interest-free payments. Pace currently operates in Singapore, Malaysia, Hong Kong, and Thailand. For more information about Pace and how it is driving financial inclusion across Asia, visit https://pacenow.co/.
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