livi bank, one of Hong Kong’s eight virtual banks, has introduced a new Buy Now, Pay Later (BNPL) solution with the launch of livi PayLater that offers an instant instalment service with a virtual Mastercard debit card.

The livi PayLater offering features automatic instalments, flexible repayment periods from 3 to 36 months and is available for transactions between HKD100 and the approved credit limit.

According to livi’s statement, customers can get approval in seconds with a simple application process with transparent monthly handling fees.

Customers will receive a handling fee waiver for up to 3 months on any livi PayLater transactions and will be able to repay their instalment spending in full without any early settlement fee.

By having the virtual livi PayLater Mastercard debit card and adding it to their mobile wallets, customers can start making purchases online and in-store anywhere.

Transactions made with the card are automatically split into instalments over the repayment period chosen by the customer, with no extra applications required.

Customers can then easily manage their instalment spending within the livi app.

Livi bank’s announcement comes at a time where the BNPL scene in Southeast Asia has seen frenzied competition with the likes of Grab, GoJek, Razer and Oriente throwing their hat into the ring.

“Consumers in Hong Kong are in constant search for smarter, more flexible payment options that meet their daily spending needs. livi’s existing payment products offer great convenience to our customers, but we didn’t stop there.

 

With livi PayLater, our customers not only benefit from one of the most competitive instalment financing offers in Hong Kong, they also have the capacity to gain greater control of their spending and create the financial flexibility to help them to live life to the full.”

said Carol Hung, Chief Product Officer of livi.

Featured image credit: Screengrab from livi