Opn partners Atome to offer flexible payments in Malaysia and Singapore
Founded in 2013, Opn specializes in one-stop online payment and digital transformation solutions used by thousands of merchants and businesses around the world, operating from Japan, Southeast Asia and the U.S.
Privately-held Opn, although operating mostly out of Thailand since its founding, is often included in Japan’s FinTech unicorn count, with Founder & CEO Jun Hasegawa at the helm, and major shareholders including Toyota Financial Services Corporation, the financial services arm of Toyota Motor Corporation, as well as Sumitomo Mitsui Banking Corporation.
The company is a leader in payments in the Asia-Pacific region and a top 25 provider of payment processing in the U.S., helped by its acquisition of B2B payments specialist MerchantE at the end of last year. Guided by a vision of enabling access to the digital economy for everyone, Opn connects people, businesses and society in innovative ways to provide open access to a growing economic ecosystem.
Opn has started offering Atome, a Buy Now Pay Later (BNPL) payment method, in Malaysia and Singapore to meet the increasing demand for flexible payment options.
Atome enables consumers to conveniently spread out payments for purchases into three equal installments over three months, without any additional fees or interest. Merchants will receive the full payment upfront.
The popularity of BNPL is surging in Malaysia and Singapore, as the payment option offers easier access to credit and higher purchasing power, especially for consumers without credit cards. According to the World Bank, the credit card ownership rate in Malaysia is 7.9%, while in Singapore, it stands at 41.7%.
Reports from ResearchAndMarkets.com indicate BNPL payments in Malaysia are projected to grow by 23.6% annually, reaching US$2,298.6 million in 2023. Similarly, BNPL payments in Singapore are expected to grow by 20.6% annually, amounting to US$1,270.4 million in 2023.
Through Opn’s integration with Atome in Malaysia and Singapore, retailers utilizing Opn Payments can tap into Atome’s extensive customer base, which exceeds a million users in both Malaysia and Singapore.
Moreover, enhanced affordability offered by BNPL empowers consumers to make purchase decisions for larger-ticket items, leading to increased conversion rates and basket size for merchants. BNPL can boost conversion rates by 20–30% and increase the average ticket size by 30–50% for e-commerce businesses, according to RBC Capital Markets.
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