Xendit, a financial technology company that provides payment solutions to businesses, recently launched PayLater, a cardless credit program that allows users to safely and seamlessly avail themselves of small loans when making online purchases.

PayLater offers an option where customers can buy big-ticket items and pay them on an installment basis. This new feature is made possible with Xendit’s partnership with BillEase, a financial technology company that gives flexible credit options with minimal interest rates.

According to Xendit, the service is simple to use. Customers just simply select the PayLater option upon checkout of their online purchases, choose one of the installment plans, and confirm their purchase via a one-time PIN, while merchants who want to offer this service, just integrate with Xendit’s APIs, and soon, via e-commerce plug-ins (Shopify, Wix, WooCommerce, and Magento).

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“PayLater, through the help of our partners such as BillEase, allows us to expand our services and offer the simplest online payments solutions, so we can continue helping more Filipinos,” said Yang Yang Zhang, managing director, Xendit Philippines.

Billease is the first lender that has been vetted and accredited by the Xendit ecosystem, with more PayLater channels to be made available later. Customers’ credit limit increases as they continue to purchase with PayLater and settle their accounts on time. In addition, Billease reports good credit behavior to partner bureaus like the Credit Management Association of the Philippines and TransUnion.

Credit Score

PayLater also benefits businesses selling high-value items online, which may be difficult due to low credit card penetration in the country. It helps those struggling to recover sales amid the pandemic by augmenting their cash flows with full sales proceeds, net of a small percentage fee.

Apart from making loans simpler and more accessible to Filipinos, PayLater aims to curb predatory lending.

With PayLater, Xendit hopes to create more avenues for customers to pay with digital credit lines without having to turn to predatory lenders. At the same time, it aims to protect vulnerable Filipinos who may not have access to traditional banks, or build a payment history and establish a credit score.

As digital transactions continue to rise in the Philippines, Xendit offers a technically advanced yet user-friendly process that allows businesses of all sizes to easily send and accept payments.

Xendit started in Indonesia and expanded to other countries in Southeast Asia. It aims to provide a secure and easy-to-integrate payment system, supported by 24/7 customer support to busineses. With a diverse range of products, Xendit’s system can accept payments from bank accounts, credit and debit cards, eWallets, retail outlets, and online installments.

As the first Indonesian startup to successfully graduate from the prestigious YCombinator incubator in Silicon Valley, Xendit looks forward to continuing its culture of innovation in the Philippines. For more information, visit http://xendit.co.