BillEase, the flagship product of FDFC, a leading financial and innovative solutions provider in Southeast Asia, has made significant strides in revolutionizing retail credit since its launch in 2017. Headquartered in the Philippines, BillEase offers a wide range of services including e-wallet top-ups, bills payment, prepaid load gaming credits, and scalable buy now, pay later (BNPL) options for cardless instalment plans.
In an exciting development, BillEase has recently partnered with Agoda, a prominent digital travel and hospitality platform. This collaboration allows Filipino users to access BillEase as a payment option on Agoda, providing them with more flexible instalment plans without the need for credit cards. Powered by Alipay+, a cross-border fintech payment solution under Ant Group, this integration presents a promising opportunity for the travel industry in the Philippines, both domestically and internationally.
During the first quarter of 2023, BillEase witnessed a remarkable 26-fold increase in BNPL transactions related to travel compared to the same period last year. This surge in travel-related transactions aligns with the encouraging numbers reported by the Manila International Airport Authority (MIAA), which recorded a 158% increase in passenger traffic during the first quarter of this year compared to the previous year. Forecasts for the second half of the year predict domestic travel to reach pre-Covid levels.
With BillEase’s BNPL option available on Agoda, Filipino travellers can now conveniently use the service to book flights, accommodations, and activities. The total cost can be split into bi-weekly or monthly payments with as low as 0% interest. This flexibility in payment options helps alleviate the financial burden associated with travel expenses, encouraging more people to support the industry during these changing times.
Georg Steiger, CEO and Co-Founder of BillEase, emphasized the positive impact of this partnership on the travel industry. Recognizing how the pandemic has reshaped the sector, he highlighted that the collaboration between BillEase and Agoda would facilitate the management of travel expenses. Steiger further expressed optimism that the availability of a more flexible payment system would encourage more individuals to participate in and support the industry’s recovery.
Peng Yang, Vice President and Head of Alipay+, acknowledged the partnership’s significance in catering to Filipinos’ diverse payment preferences on global platforms. This phenomenon is particularly noticeable in Southeast Asia, where there is a gradual shift towards digital payment adoption.
The usage of BNPL services in the Philippines has been steadily increasing and is expected to grow at a compound annual growth rate (CAGR) of 36.9 percent from 2022 to 2028. As more Filipinos embrace the convenience and flexibility offered by BNPL options, the collaboration between BillEase and Agoda paves the way for a more accessible and inclusive travel experience.