Digital bank CIMB Philippines and digital payment provider SeaMoney is partnering together in order to onboard the 2.5 million customers to the Buy Now, Pay Later platform SPayLater.
SPayLater is a feature wherein qualified buyers have the option to buy now and pay later or apply for an installment loan of up to 12 months for their Shopee purchases.
SPayLater has a processing fee of 0-2% per transaction amount and monthly interest ranges from 1-5% for items. Pay your SPayLater bill on time to avoid additional charges.
There are currently over 1.3 million SPayLater customers and this partnership with CIMB will almost double that figure to 2.5 million this 2023.