Seylan revolutionises buy now, pay later in partnership with Mintpay
March 1, 2021 marked the beginning of a revolutionary partnership between Seylan Bank and Mintpay, a platform that is the first to offer customers the option to buy now, pay later for any product or service offered by merchants powered by Mintpay’s Ai-driven payment platform.
While the market is used to instalment-based payments through many financial service providers, where they’re expected to either go to the merchant location and ask that their transaction be converted to an instalment based plan or call their financial service provider to request for the transaction to be converted to an instalment plan. Mintypay is a bank agnostic and will eventually also be a merchant agnostic payment platform that will manage this process automatically.
This partnership opens up a host of opportunities for online shoppers in Sri Lanka. Through the proprietary technology developed by Algoredge (Pvt.) Ltd, both merchants and consumers across the island can be provided with a novel online shopping experience. Customers will be able to use the Mintpay payment platform with any of their merchant partners to split their shopping cost into 3 interest-free payments over a payback period of two months. The solution typically allows the customer to check out at any online shop that is registered with Mintpay (https://mintpay.lk/) and use their credentials to log in and make the payment which automatically converts their payment to an instalment plan. The registration process to Mintpay is easy and hassle-free. One could consider this service as a cash advance service for the customer while enabling the merchants to receive the entire purchase value at the time of purchase itself. These attributes will minimise payment collection issues and avoid having to wait for 3 months to collect funds for already purchased products.
An initial test-launch was coordinated in September 2020, the Mintpay team has been able to confirm the viability of their service and iterate further to develop an end-to-end seamless user experience. This will help minimize transactional losses, assist in maintaining competitive pricing while providing merchants with plenty of data that can be used as the foundation for future strategic growth.