- Al-Ikhsan and Fave making sports affordable for over 20 million sports lovers
- Customers can purchase fitness gear with interest free 3 months instalments and get card point rewards through the Fave app at over 150 stores and their website.
Al-lkhsan, Malaysia’s No.1 sport retailer announced collaboration with Fave, Southeast Asia’s smart payments app as payment partner to enable a more rewarding and flexible payment option to over 20 millions sports lovers in Malaysia. Users can now split their sports item bills in three months interest-free instalments upon checkout at Al-lkhsan Sports online and its 150 physical stores by scanning Fave QR on the PineLabs payment terminals.
This partnership is in line with Al-Ikhsan commitment to making sports available for all by enabling a smarter payment experience for consumers to pay and save. Partnership with Fave empowers businesses with innovative payment and loyalty solutions to grow and connect with their customers in a whole new way.
COVID-19 has changed consumer behaviour and reshaped the retail sector in Malaysia. It also taught consumers to become more cautious with their spending habits. Many have turned into BNPL to break up their bills and to maintain flexible financial planning. With this, Malaysia expects a potential growth in the BNPL adoption, recording a CAGR of 49% during 2022-2028[1].
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| Vach Pillutla |
“Collaborating with Fave enhances our strategy to make sports affordable to consumers from different income groups. Committed to making sports available for all, we paired up with the fast-emerging BNPL payment solution to reduce our customers’ financial stress when it comes to owning sports gear. That being said, we would like to encourage a fit and active lifestyle whilst keeping our customers financially fit.” said Vach Pillutla, Chief Executive Officer of Al-Ikhsan Sports.
“We are proud to see growing adoption of buy now pay later options in Malaysia. As we are onboarding more and more merchants, Fave will be able to create a better spending environment for all consumers, at the same time, empowering retailers to grow their revenue better with our services and easy to use technology. Bringing the leading sport retails like Al-Ikhsan to Fave, users can now experience a convenient and affordable shopping experience at the leading sport retailer, ” said Gary Yeoh, Country Manager, Fave Malaysia.
Al-Ikhsan’s customers who pay via Fave app choosing FavePay Later 3 months instalments will be entitled for RM25 cashback on their bill when applying promo code ALIKHSAN25. Users with CIMB debit or credit card will be entitled for RM25 off their bill when applying promo code CIMB25 upon check-out on the Fave app when splitting the bill into 3 instalments.
[1] Research and Markets: Malaysia Buy Now Pay Later Business and Investment Opportunities
