What is Hoolah?

Hoolah is a Singapore-based buy now pay later (BNPL) provider that allows consumers to buy desired items without incurring interest charges. Consumers can purchase selected products with Hoolah and pay three equal monthly payments without penalties.

BNPL allows customers to make purchases more freely while developing responsible spending habits and helping merchants reduce cart abandonment rates.

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Hoolah is revolutionizing consumer finance through its BNPL model, which empowers customers to purchase items at their favorite stores on affordable installment plans. Hoolah also incentivizes responsible spending and decreases cart abandonment rates for merchants, driving Hoolah’s rapid expansion across new markets with retailers from small businesses to significant brands collaborating under one payment solution backed by data security and compliance expertise that have established Hoolah as a trusted partner in prices space.

Hoolah takes an innovative approach to verifying identity and assessing creditworthiness, using transaction data and user behavior to make decisions rather than traditional credit checks. This approach helps avoid bias and discrimination for more inclusive customer bases for Hoolah.

Hoolah prides itself on embracing humanism within its product and business culture, with employees working diligently to build meaningful relationships and incorporate positive experiences into their work – leading to high customer and merchant satisfaction levels. Hoolah has built its business on partnerships and trust, enabling rapid expansion into BNPL market leadership.

Hoolah’s BNPL model offers merchants another critical benefit: eliminating risk and increasing sales conversions. Instead of demanding upfront payments, Hoolah covers unpaid installments, making this model a win-win. Furthermore, this approach encourages responsible spending with rewards points for timely repayment that can later be redeemed against discounts and rewards.

Hoolah needed an efficient and scalable solution to verify customer identities quickly and efficiently to meet its rapid expansion. Onfido offered by Onfido offers this service, processing documents from over 195 countries within three minutes for quick verifications. Hoolah can quickly onboard new customers without the hassle and complications often associated with traditional sign-up processes.

Hoolah’s BNPL model

Hoolah’s BNPL model has received positive responses from consumers, mainly focusing on responsible spending as one of its distinguishing characteristics in this competitive space. Furthermore, Hoolah employs robust encryption and data protection measures to safeguard users’ information – two vital features of any online financial service provider.

Hoolah strives to offer consumers flexible payment solutions that fit seamlessly with their financial preferences. Their lighthearted name, an amalgam of “hula” and “hoorah,” epitomizes this commitment while making shopping enjoyable and stress-free. Furthermore, Hoolah prioritizes financial inclusivity by assessing users’ creditworthiness based on transactions rather than traditional credit checks.

Hoolah’s BNPL solution, powered by Onfido, provides an effortless verification process that’s fast and straightforward, enabling customers to shop at participating merchants confidently and decreasing cart abandonment rates. This model can increase conversion rates for online retailers by giving customers an avenue for purchasing items they might have previously abandoned due to price concerns or security fears.

Hoolah provides its services as an omnichannel BNPL provider to brick-and-mortar stores and online merchants. Their BNPL solution can be integrated seamlessly into the checkout pages of participating merchants for a more effortless customer experience, helping Hoolah expand its user base while finding new business partnerships.

Arvin Singh is the co-founder and CEO of Hoolah. With more than 15 years of experience in e-commerce payments – working with merchants and telcos throughout Asia – and previously leading Visa’s New Channels team that helped non-financial institutions expand in Asia, Arvin holds an MBA from INSEAD.

BNPL’s benefits for consumers

Younger generations are particularly fond of BNPL products that allow them to spread out the cost of purchases over multiple interest-free installments, giving them more control over spending habits and budgeting while encouraging responsible budget management and providing financial peace of mind for consumers. Ecommerce retailers can use such solutions’ ease of use and transparency to reduce cart abandonment rates while driving upsell opportunities.

Contrary to traditional credit, which requires customers to undergo an intensive credit assessment process, BNPL providers assess customers based on transaction history and behavioral indicators when considering eligibility for financing. This makes the approval process for BNPL more inclusive, making BNPL accessible to a broader demographic of shoppers. Furthermore, customers who repay on time receive rewards that build up their credit scores and foster a culture of financial responsibility among users.

BNPL platforms must also adhere to stringent AML/KYC requirements to operate successfully and provide services only to genuine customers, not fraudsters that pose risks to the brand. A reliable BNPL provider should offer seamless identity verification, like paying at a till.

Hoolah has quickly established itself as a market leader in BNPL by prioritizing financial inclusivity and providing merchants with practical tools to increase conversions and create customer loyalty. Hoolah’s investment in infrastructure and security ensures its BNPL service remains safe for its customers; its dedication to customer experience and data privacy has resulted in partnerships with prominent retailers like Blackpool.

BNPL’s benefits for merchants

Retailers should strongly consider offering Buy Now Pay Later services as they can boost conversions at checkout and reach more new customers while building loyalty programs and increasing retention. Furthermore, this payment option has proven particularly popular with younger generations – offering this payment method may give them the perfect way to engage them more easily.

Merchants looking to maximize the impact of BNPL should select a payment gateway that seamlessly integrates with these services and provides one single integration point for multiple types of payments, saving both time and money on implementation and maintenance while offering various payment methods simultaneously. Furthermore, using one integration point reduces costs for both merchants and consumers as it eliminates complex reconciliation processes.

Hoolah’s BNPL model has proven particularly popular with younger generations, who appreciate flexible payment solutions tailored to their financial preferences. Furthermore, its gamified approach to financial responsibility promotes responsible spending while creating a sense of community among its user base – all factors contributing to brand loyalty and future purchases.

Furthermore, the company’s interest-free payment plans help decrease cart abandonment rates and boost overall sales, benefitting merchants’ bottom lines. Again, its platform’s clear communication and transparent fee structures encourage customer purchases without hesitation, helping overcome anxieties that could otherwise cause cart abandonment.

Hoolah’s scalable business model is enabled by Salesforce’s Customer 360 and Commerce Cloud platforms, allowing it to streamline merchant onboarding. In addition, its employee-owned culture, known as “hooligans,” plays a pivotal role in its success; this fosters customer-centricity and focuses on employee career development opportunities.

BNPL’s growth

Buy Now Pay Later (BNPL) companies have grown tremendously over recent years. Fueled by digital payments and the explosion in online sales, BNPL companies provide a more flexible and convenient alternative than traditional payment methods such as credit or debit cards. Hoolah, an award-winning fintech provider of a BNPL solution, has gained wide acclaim due to its innovative services and commitment to financial inclusivity – becoming an industry leader focusing on customer convenience and security.

Hoolah stands out in an increasingly competitive BNPL market by providing instant approval and using customer insights to provide superior user experiences and build trust among its clients. Furthermore, the company invests heavily in data protection and encryption practices that protect users’ sensitive information.

Hoolah provides retailers with more than just its BNPL solution; they also benefit from its marketing platform, which assists them in driving awareness and traffic to their storefronts. This platform can be precious to small businesses that cannot afford Google or Facebook ads but would still like a strong online and offline store presence. Hoolah BNPL solution also saves shoppers time! It is available in online and offline store locations allowing shoppers to save time and effort when purchasing.

ShopBack is pleased to announce its acquisition of Hoolah as part of Temasek-backed cashback platform ShopBack’s vision to build the world’s most rewarding commerce enablement platform and make this acquisition possible for Hoolah to expand with an enhanced merchant platform supporting BNPL transactions. Through this transaction, Hoolah’s growth can accelerate as its merchant platform now supports more BNPL transactions; ShopBack can now provide these options to over 30 million shoppers throughout the Asia-Pacific region through this partnership deal.