Many people are having trouble finding a long-term plan that can help them increase sales without using large discounts that have a major effect on their bottom line. Hoolah’s Buy Now Pay Later (BNPL) payment solution solves sellers’ main concerns in driving conversion and basket size, as well as motivating new customers to visit and return, by dividing consumers’ purchases into three interest-free monthly installment with the help of debit or credit.
In this article, we have shared everything about Hoolah and its competitors in the market.
What is Hoolah?
Hoolah is a Singaporean fintech business that mainly focuses on providing a “buy now, pay later” (BNPL) solution for both online and offline retail purchases.
In 2018 hoolah was founded by Stuart Thornton, Arvin Singh, and John Tan to make shopping more inexpensive and easy for consumers.
Hoolah lets customers break their payments into many installment, usually three or four. This helps them manage their budgets and pay for larger purchases without the use of credit cards. Moreover, the service became popular in Singapore and other regions.
Transformation of Hoolah
In 2020, Hoolah went through a big change and relaunched as “ShopBack.” ShopBack is a popular cashback and rewards network that allows customers to earn money on online purchases in a variety of areas such as fashion, electronics, travel, food delivery, and more
ShopBack works with a variety of online shops and merchants to offer users a percentage of their purchase price in cashback, which may be redeemed or withdrawn. The change from Hoolah to ShopBack represented the company’s shift away from BNPL but towards cashback and rewards. ShopBack has expanded its services to other Southeast Asian nations and is widely regarded as one of the region’s major cashback and incentive platforms.
Various competitors of Hoolah
Hoolah had several competitors in the BNPL and fintech space some of them are given below:
- Afterpay
AfterPay is a platform for digital payments that provides a “buy now, pay later” service, letting users buy goods or services right away and pay for them in installments, usually over a few weeks.
When a customer purchases with AfterPay, the service pays the retail store in advance for the product. The user then repays AfterPay in a series of four installments, usually split out over six weeks. AfterPay does not charge interest on these payments so that the users can spread their spending without paying the costs that come with traditional borrowing.
Customers select AfterPay as their payment option at the checkout on a retailer’s website. They then enter some basic information and receive instant approval on their purchase. If accepted, customers pay the first installment immediately, which is usually 25% of the total purchase price, followed by three more installments.
- Klarna
Klarna is a worldwide payment service provider based in Sweden that focuses on “buy now, pay later” (BNPL) services, as well as other payment solutions. Klarna helps users to shop online and pay for their products immediately, later, or in installments. Klarna pays the shop in advance for purchases made by customers who opt to pay later or in installments. The service allows customers to repay on a later date either in a single payment or installments.
The business has several payment plans, the most popular one is the ‘Pay in 4’ option. This plan split the cost into 4 equal payments with the first installment during the time of purchase and the other three after every two weeks. Another option for customers is the ‘Pay in 30 days’ option, which helps them receive their goods before making payment.
- Affirm
Affirm is a firm that provides financial technology which is established in the United States. It is well-known for its contributions to the expanding “buy now, pay later” (BNPL) market. Unlike many other BNPL services that focus on short-term installments, Affirm provides a variety of repayment lengths, ranging from a few weeks to many months or even years, based on the purchase amount and merchant.
When a buyer visits a retailer who accepts Affirm, they can pay with Affirm at the checkout. The process includes a short eligibility check that does not influence the customer’s credit score. Once authorized, Affirm offers a variety of repayment plan options, including the entire amount to be paid over time, including interest. Affirm is straightforward about interest charges, making sure that customers understand exactly what they will repay. Many items are eligible for 0% financing from Affirm, although interest rates may vary depending on the customer’s credit and the specific purchase.
- Sezzle
Sezzle is a platform for digital payment that provides a “buy now, pay later” (BNPL) service, allowing users to make purchases and distribute the cost over time without paying interest.
Sezzle’s BNPL service allows customers to buy things immediately and pay for them in installments. Typically, this includes dividing the total purchase price into four equal installments split out over six weeks. The first payment is paid at the time of buying, with the remaining three payable every two weeks.
The process of using Sezzle is simple as the user chooses Sezzle as the payment method at the checkout of a participating online store. They then go through a quick sign-up process, and Sezzle quickly analyzes the application with a soft credit check. Once approved, the consumer can proceed with the purchase using the agreed-upon installment plan.
- Splitit
Splitit is one of the leaders in the “buy now, pay later” (BNPL) market, giving a new approach to installment payments. Splitit enables clients to pay for goods in installments using their existing credit card, without having to apply for a new line of credit or face a credit check. Splitit allows users to divide the total cost of a transaction into monthly installments using their existing credit card limit.
Splitit can be used as a payment method at the checkout of any participating shop. They next select the number of monthly installments they want to pay, which normally ranges between two and 24 months. Splitit then provides a restriction on the whole payment amount on the customer’s credit card and pays the first installment instantly. The card’s hold falls with each monthly payment until the amount spent is fully paid. This approach removes the risk of nonpayment and allows consumers to access credit that has already been approved.
FAQs
What is Hoolah?
ShopBack, previously known as Hoolah, is a cashback and rewards website located in Singapore. It works with a variety of online shops to provide customers with cashback on their purchases across various categories.
Is Afterpay bigger than Shopback?
Afterpay and ShopBack are two fintech businesses with separate business strategies that focus on various factors of the e-commerce and payments industries.
What are some of the competitors of Hoolah?
Some of the major competitors of Hoolah that are present in the market include Afterpay, Klarna, Affirm, Sezzle, Zip Co, and Splitit.
The Final Words
Hoolah is similar to a payment plan that allows you to buy items now and pay for them later in smaller portions. It has gained popularity since it is simple to use and allows individuals to spread out the expense of the things they want to purchase. Hoolah allows customers to split their purchases into interest-free installment payments. However, there are also more options for Hoolah on the market that let customers make purchases and then pay for them later, either in full or in installments.
We hope you found this article helpful and now you know everything about Hoolah and its competitors.
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