First Digital Finance Corp., the financial technology company behind credit app BillEase, teamed up with e-commerce player Lazada to offer an interest-free installment on all essential goods to provide payment relief on a variety of products needed by consumers affected by coronavirus disease 2019.
FDFC said the limited zero-based financing would enable consumers to”‹ avail of interest-free, installment credit solutions “‹through their Lazada Wallet”‹”‹.
“Essential goods purchased on the Lazada platform”‹ and paid through BillEase will enjoy a 0-percent APR and pay later option up to 3 months,” FDFC said.
The offer aims to mitigate the burden on consumers during the crisis and encourage customers to use non-cash payment options as cash-on-delivery payment method was temporarily suspended, leaving limited payment options to customers.
“We are taking extraordinary steps to alleviate consumer pain points at this difficult time,” said FDFC chief executive Georg Steiger.
“In addition to extending payment deadlines and suspending penalties, we’ve partnered with Lazada to provide customers an option to defer payments in all essential products with zero interest and encourage the use of cashless-based transactions to minimize the risk of spreading coronavirus infection and ensure the practice of physical distancing,” he said.
The limited offer is an extension of the fintech company’s successful consumer installment payment platform which gives shoppers the ability to pay for purchases in monthly installments using their existing BillEase accounts. New customers can avail of the offer”‹ without”‹ credit cards for zero-interest transactions.
After creating a BillEase account, users can choose to fund their Lazada Wallet as a top-up option. Once triggered, the installment plan is activated, and they can use the funds to purchase for essential products.
The entire process is instant to consumers with credit lines and terms continuously growing after successful repayment. The limited offer, which runs from April 1 to April 15, 2020, imposes no interest, charges only a small processing fee and is more accessible than a conventional loan for consumers that speeds and eases both payment and reorder processes.