BNPL providers prioritise accreditation

By early 2024, Atome and ShopBack are expected to receive accreditation. A third major player in the sector, Grab PayLater did not respond to queries about the accreditation.

Buy Now, Pay Later providers in Singapore are required to be re-accredited every three years, get a trust mark, and a listing in the BNPL registry. To do so, they must meet the requirements.

In 2022, the BNPL Working Group formed by the Singapore FinTech Association released an industry-led Code of Conduct with the guidance of MAS. This outlines BNPL best practices and improves consumer protection. Furthermore, it also minimises the risks of consumers plunging into indebtedness.

More from OMY: Singapore: BNPL to be the fastest growing online payment method by 2025, while credit card use to fall

“ShopBack believes that this milestone benefits consumers as a whole, whilst ensuring that BNPL offerings continue to operate in an ethical, healthy, and sustainable ecosystem. We remain dedicated to honouring ShopBack customers with simpler, more transparent, and fairer financial solutions,” stated ShopBack in a LinkedIn post.

More from OMY: The Best Buy Now Pay Later (BNPL) Service in Singapore

Share This Story:

More Articles

No Need to Shop Around, Find the Best Personal Loan Offers in One Place! 

In just minutes, OMY can give you access to multiple loan offers from various banks and loan providers – all for free.

Personal Loan Offers!