Under the agreement, Split will be offered as a Flexiroam Wallet payment option to purchase Flexiroam products, with customers being able to make payments in up to three interest-free instalments.
Split and Flexiroam will jointly promote the service to their customer networks to increase Flexiroam’s BNPL transactions and Split will charge a transaction fee on sales generated via its payment portal.
Following technical integration, the service will be available to all Malaysian and Singaporean
Flexiroam users for free.
Commenting on the agreement, Split Chief Executive Officer Dylan Tan said: “We are delighted to
be offering Split as a payment option on the Flexiroam Wallet and look forward to giving our userbase a budget-friendly way to buy mobile data. The Split platform guarantees a transparent shopping experience without charging interest, late fees or other costs and customers have the option of making instalment payments without credit cards, giving Flexiroam wider access to the underbanked market.”
Flexiroam Managing Director Jef Ong said: “The signing of our agreement with Split is an important development as the BNPL space is rapidly gaining traction in South East Asia and it allows us to broaden the reach of potential Flexiroam users.”
“Due to the rapid adoption of BNPL platforms, we also see the potential to offer further BNPL options to users outside of Malaysia and Singapore in the future. Out of the 670 million people in South East Asia, only 27% have bank accounts1 which means that there are hundreds of millions of unbanked and underbanked individuals who would require support using non-bank payment methods to purchase our products. Implementing BNPL options offers consumers a convenient, hassle-free way to access fair credit, while ensuring that Flexiroam is protected from the risk of non-payments and even fraud.”
The Flexiroam (ASX: FRX) share price rockets 35% after this announcement
The FIexiroam Ltd share price was up as much as 35% today. The rise coming after the mobile network operator announced a partnership allowing it to offer Buy-Now-Pay-Later (BNPL) technology.
At the time of writing, the share price did come down from today’s high of 6.9 cents. It is currently sitting at 5.8 cents per share — still up 13.73% on yesterday’s close.