Hong Kong virtual bank Mox has introduced a new buy now, pay later (BNPL) solution that can split purchase payments over a 36-month period.
The company has launched Split purchase, a feature that will be available through the company’s Mox Credit platform. Mox Credit customers will be able to easily split eligible transactions HKD400 or more into equal monthly instalments ranging from 3 to 36 months.
As an introductory offer, Mox Credit customers will be able to split a transaction of up to HKD8,000 over three months for just HKD1 in total fees and interest.
Customers using Split purchase will be able to select longer payment timeframes and split higher transaction amounts. They will be able to see the applicable fees and interest in the Mox app before submitting their purchase application, with the application response being instant.
Split purchase users are able to have up to five split purchases at any same time and no documents are required for an application. Once the initial application is approved, the one-off fee and monthly instalment will be charged to Mox Credit.
Mox CEO Deniz Güven 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.”
Earlier this year, Mox partnered with Mastercard to introduce a new tool that allows Mox users to ‘flip’ between spending on an all-in-one debit and credit card.
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