US software development and consulting company KMS has launched Kaypay, an application that combines social commerce and pay later platforms in the Vietnamese market.

Buy now, pay later will become a common way of payment for Vietnamese users over the next three years, according to Kaypay’s research.

The market in Viet Nam has a potential of US$4.6 billion, an amazing figure when compared to large countries in the neighbourhood that adopted this method a few years ago such as Indonesia (US$9 billion).

Kaypay is committed to implementing a transparent buy now, pay later service and bringing authentic products to users, Le Tran Bao Duy, its CEO, said.

It is free for users since the costs are shared with brand partners, he said.

Kaypay has tied up with several partners in the fields of e-commerce and payment such as Haravan, Shopify, TrueID, Onepay, and Appotapay.

Partners delivering items on Kaypay’s platform must constantly match the recognised criteria and have a long-term goal, while suppliers must meet quality and origin of goods standards, optimise product prices and the value received by users, and have a clear after-sales policy, Duy added.

During its launch, Kaypay is set to make a number of attractive offers to welcome new users.

The app has been downloaded over 2,000 times by Vietnamese users on Google Play and Apple AppStore. —VNS