The South East Asian BNPL market is booming. With Indonesia expected to have over 58% of the market by 2025, Singapore-based BNPL Storepay is heading to the Asian country. Indonesia is also one of the countries in the region that is seeing immense adoption of cryptocurrencies. With its crypto-powered services, Storepay offers a double advantage to the citizens with its SPC token.
The native token is all set to list on the LBank crypto exchange. Thus, it offers a huge opportunity to people looking for interest-free installment plans that leverage cryptocurrencies and blockchain.
Exactly one year after its launch, the SPC token is going to be listed on the international crypto exchange, LBank. The decentralized services tie in perfectly with the international presence the firm is starting to touch.
Running on the efficient BNB Smart Chain, the BEP-20 compliant token is already an integral part of what Storepay is doing. From offering cashback rewards to allowing people to move value across wallets, the SPC leverages the speed, transparency and security that comes with blockchain. The use of SPC in its established ecosystem and suite of services also goes beyond a fintech service. Embedded into Storepay, the SPC gives a chance not only to crypto-savvy users but exposes non-crypto users to the benefit of the crypto industry, working towards promoting the technology and its applications.
The SPC will be available for public trading on LBank on the 29th of September.
Storepay was established in 2019 as a fintech firm that would allow people to access financial services that would match traditional credit cards and loans, but without the annual fee and interest charge that eats into the hard-earned money.
The BNPL model is fast expanding in the Asian market and people see it as a friendlier option. Storepay doesn’t charge interest or any other fee for specific EMIs (Easy Monthly Installment) plans. The platform also removes the high barriers typically associated with traditional market competitors with a signup and registration that takes only a few minutes with the minimum of documentation (if required in particular cases at all).
The result is a service that has more than 2000 merchants that offer their products to Storepay users. While big names such as Bata, Levi’s and Hugo Boss are on board, the merchants are not limited to retail stores only. Users can use BNPL services for airline tickets, car dealerships, real estate, hospitals, and even food delivery services.
Unlike other BNPL services across the globe, Storepay is the first to venture into the decentralized industry. It also has the benefit of an already well-established and successful business. Storepay is already available across 90% of stores located at major shopping malls in Mongolia with more than 750 purchases per day through its services.
With customer savings exceeding $2.37 million so far, Storepay has been playing a significant role not only for customers but for merchants too. Storepay has helped increase customer acquisition by 18% and sales by nearly a quarter.
Since June this year, the service has also expanded and ventured into the B2B sector, allowing merchants to leverage the BNPL platform to purchase supplies and other bulk items that they can immediately sell to customers and pay out the purchased amount in easy installments.
The combination of a well-established business and using a cryptocurrency to supplement its services and additional rewards makes SPC a token that has the most developed practical utility. At the same moment, the SPC inherits an intrinsic value that is not driven by speculation, but by actual in-world demand.
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