Lotte Group has officially entered Vietnam’s burgeoning short-term financing market with the launch of its Lotte C&F Buy Now, Pay Later app. The service allows Vietnamese consumers to shop online at Lotte Mart hypermarkets and supermarkets, with flexible payment options. Noritaka Inaishi, general director of Lotte C&F, highlighted that the app targets individuals with average incomes, providing an alternative to credit cards.

Shin Ju Back, general director of Lotte Mart, noted the rapid growth of buy now, pay later services in Vietnam, which have expanded by 32 percent annually since 2019. As Vietnam moves toward a cashless economy, this service is becoming increasingly popular, offering consumers the chance to make purchases without upfront payments.

The buy now, pay later model has gained global traction, with companies like Amazon and Apple adopting it to boost sales. Vietnam’s market is expected to continue growing, with reports estimating that the sector will reach $1.9 billion by 2024.

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