SINGAPORE, July 1, 2020 /PRNewswire/ — Atome, a leading technology start-up headquartered in Singapore, has launched a “buy now, pay later” solution to support the recovery of Singapore’s retail sector during and beyond COVID-19. As businesses adjust to new consumer trends such as contactless payment, physical safe distancing measures and online shopping, Atome works by splitting bills into three equal, zero interest instalments over time. This is done by either scanning a QR code at a physical shop or choosing Atome during checkout on partner merchants’ websites. Consumer benefits include convenience, increased affordability and greater transparency compared to traditional payment methods like cash or credit cards.
At launch, Atome already partners with 500 merchants, including marquee brands in popular verticals like fashion (Playdress, Lovet, Melissa shoes, Hush Puppies), beauty (Spa Esprit Group, Beauty Emporium, Kimage Salon), home decor (Star Living, Houze), lifestyle (Herschel, Bynd Artisan, Cocomi) and electronics (iStudio, Epic Gear). In the first three months since its soft launch, Atome has seen an 11X growth in gross transaction volume on its platform. Since the circuit breaker started in March, it has also seen a 230 per cent growth in online transactions. 70 per cent of Atome’s customers are millennials aged between 20-40 years old.
Atome’s partner merchants have seen:
- 17% average increase in conversions
- 30% average increase in order size
- Brand exposure through Atome’s mobile app, website, Facebook and Instagram
David Chen, CEO of Atome, said: “The way people shop has irreversibly changed. Retail has irreversibly changed. The shift towards online began before COVID–19 but this has now accelerated. Businesses have to adapt quickly and find new sources of revenue and new ways to serve existing as well as new customers. As we’ve seen, having Atome as a checkout option in merchants’ online — as well as physical — stores makes a big difference, especially among digital savvy millennials. It’s a win-win for both retailers and their customers.”
Founded in 2016, Atome is a subsidiary of ADVANCE.AI, a Series-C big data and AI company headquartered in Singapore which is part of a Temasek-backed consortium applying for Singapore’s digital wholesale banking licence. Atome has helped over 10 million customers gain access to credit throughout Southeast Asia in its vision to create a better life for consumers through greater financial access and technology.
Michael de Waal-Montgomery
Ellerton & Co. Public Relations
Mobile: +65 9186 3762