Mox Bank Takes a Slice of the BNPL Pie With Its Latest Offering ‘Split’by Fintech News Hong Kong July 28, 2021
Virtual bank Mox has launched a new Buy Now, Pay Later (BNPL) feature on Mox Credit called ‘Split purchase’.
Mox Credit customers can split eligible transactions of HKD400 or more into equal monthly instalments, ranging from 3 to 36 months.
As an introductory offer, Mox Credit customers can split an eligible transaction of up to HKD8,000 over 3 months for HKD1 in total fees and interest.
Customers will be able to clearly see the applicable fees and interest in the Mox app before submitting their Split purchase application once they have selected their payment timeframes.
Mox said that the application response is instant and customers can have up to 5 Split purchases active at the same time.
No documents are required for a Split purchase application. Once the application is approved, the one-off fee and each monthly instalment for the Split purchase will be charged to Mox Credit and will appear on the statement.
Deniz Güven, CEO of Mox said,
“Spending with the Mox Card has become very popular. With around 150,000 customers, our Mox Card has been used almost 5 million times. ‘Split purchase’ is another new feature that empowers Mox Credit customers to better plan their spending budgets and take control over their monthly cashflows where they can buy now and pay later. It is easy, convenient and fast. Customers can now make all the right decisions when they spend.”