ASUS Lets Customers Buy Now, Pay Later With Hoolah Partnership
Starting 30 July 2021, you can now purchase ASUS products with the Buy-Now-Pay-Later (BNPL) setup, all thanks to ASUS’ collaboration with the Singaporean E-commerce company Hoolah — the first of its kind in the Asia-Pacific (APAC) region.
With the new partnership in place, you can split your spendings into three monthly interest-free instalments no matter where you shop: online or in-store.
As the pandemic might have resulted in people all around the country being more constrained financially, the BNPL service is becoming more popular among Singaporean millennials and Gen Z. Various companies like Grab, Atome and Hoolah have taken advantage of this, offering this payment scheme to their patrons.
ASUS APAC Regional Head Jimmy Lin emphasised that the BNPL service will give young customers flexibility in terms of payment.
"It’s not just value we’re bringing to the younger consumers, but the convenience and freedom of being able to split their ASUS purchase into three interest-free repayments is something that we’re confident will be highly beneficial to all our customers."
This setup could allow people to secure the devices needed for school or work without breaking the bank with one large purchase.
The BNPL system operates differently from existing 0% interest instalment plans that are available to credit card owners. Credit card users need to pay a one-time processing fee equating to a specific percentage of their expenses. They also have to settle an early payment fee if they foot the bill in advance or cancel the credit card they used for a transaction.
On the other hand, BNPL providers do not ask consumers for any processing and early repayment fees. But these companies do charge late payment fees and suspend accounts when buyers fail to pay their instalments on time. BNPL services lift the suspension when customers handle their expenses.
But before you start using BNPL plans, you should find out if the payment service is right for you. If you are sure that you will settle the payments on time, then go for it. You also have to be disciplined in tracking your expenses as you do not want to run into debt in the future.
Even though it appears convenient, the BNPL model could lead you into trouble, especially when you rack up too many expenses to the point where you cannot make the monthly repayments. It is also easy to fall into debt with BNPL services since it makes buyers feel like they've spent less than they really have by splitting them into smaller instalments.
Written by Sophia Lopez