ShopBack, a shopping and rewards platform located in Singapore, has launched ShopBack Pay, a cashless payment option.
The new functionality allows users to make purchases on the ShopBack app using their favourite cashless payment option, such as MasterCard, Visa, or GrabPay. It also provides customers with additional cash back on top of the incentives from their chosen payment option.
The platform has already collaborated with Grab to provide ShopBack Pay users a S$2 (US$1.5) extra payback on their first ShopBack Pay transaction using GrabPay till the end of May.
The ShopBack Pay function, which has enlisted over 3,000 merchants since its test debut on January 17, will be available to ShopBack’s 2 million users.
Customers may link their preferred payment method using the ShopBack app, and in-store payments will be deducted straight from the associated payment method in real time. They are not needed to top up ShopBack Pay funds.
ShopBack Pay’s QR scan and pay function, which is available on its smartphone, will allow users to make payments at physical locations as well.
ShopBack acquired ‘purchase now and pay later’ company Hoolah in November to join the financial industry. The transaction occurred shortly after the company received US$40 million from a number of investors, including East Ventures, Temasek, and EDBI, among others.