Pace Enterprise, a Buy Now Pay Later (BNPL) company, has announced the launch of its virtual Pace Card which is now available in Singapore and can be activated instantly at no cost through the app.
As a new feature of the Pace app, the Pace Card gives consumers the same control, flexibility and security when making BNPL payments as with a physical card.
At launch, consumers will be able to use the Pace Card for all online purchases from Pace merchants, with in-store payments to follow soon.
With the Pace Card connected directly to the app, consumers can easily track and manage their payments. Users will also be able to integrate the card with Google Pay and Apple Pay.
Beyond in-app mobile payments, users can also tap the Pace Card extension on the Google Chrome browser to make BNPL payments directly from their desktop.
For merchants, the Pace Card enables easier integration with their point-of-sale systems, driving greater adoption of new secure technology to provide broader payment options to consumers.
The Pace Card is connected to Pace Perks, Pace’s loyalty program, to allow consumers to enjoy more benefits when purchasing using the virtual card.
For every purchase made using the Pace Card, 5% of the value of each purchase will be converted into benefits, which can then be used for discounts on the next purchase.
The Pace Card will be rolled out to other new markets including Malaysia, Hong Kong, Thailand and Japan by Q2 2022.
As part of Pace’s expansion plan, this offering will also be extended to new markets Pace is entering.
To date, Pace has over 5,000 outlets in the region and aims to reach 1 million users by the end of 2022.
Last week, Pace announced it had signed an agreement to acquire competitor Rely for an undisclosed amount following its US$40 million Series A fundraising in November 2021.
“Pace aims to foster financial inclusion by making financing easier and more accessible, and the Pace Card reinforces our commitment to democratizing finance for all.
By lowering the barrier to merchant adoption, we want to add more value to our merchant partners to drive business growth, while providing consumers with broader access to retailers as they continue their journey of sustainable spending with Pace”,
said Turochas “T” Fuad, founder and CEO of Pace.