Singapore-based mobile payment app SpherePay has introduced an innovative credit function allowing consumers to make purchases in advance of payment.
The function has been dubbed Advanced Credit and operates on a micro-loan concept.
SpherePay claims to be the only mobile payment app in Singapore that offers this Advanced Credit function that uses QR Code to enable payment at merchant. Any users 18 years old and above are eligible to sign up and apply.
In addition, users can use this Advanced Credit to make purchases at any of SpherePay's merchants and repay back within 30 - 45 days. This functions is aimed at whose who do not have credit cards or simply can't wait for 'pay day' to make their purchases.
The loan approval process can be done within 2 hours, whereby users can immediately use approved credit to purchase any item. SpherePay is aiming to shorten the approval time to ten minutes in the near future.
Users can apply for Advanced Credit via clicking the Advanced Credit icon in the SpherePay mobile app. For first time users, the credit amount is set at $300. The credit amount will increase as the app monitors the users spending pattern and repayment promptness.
Prior to completing the application process, users will be notified about administrative charges and the repayment interest rate. No paperwork is needed, with everything is done via the SpherePay mobile app itself.
SpherePay aims to expand to Thailand, Indonesia and Malaysia this year and will also introduce this Advanced Credit function in these markets.