In a major boost for retailers, flexigroup has launched buy now pay later product humm in New Zealand, offering two digital wallets to customers: Little Things (up to $1,000) and Big Things (up to $10,000).
humm replaces former BNPL product Oxipay, after launching in Australia in early 2019.
Several major new retailers have signed up to offer Big Things, including VIVO, The Cosmetic Clinic, Insulmax, My Bed, The Skin Institute, Vetent, Dwights Outdoor, Baby Factory, Beaurepaires and Oakano Furniture.
flexigroup NZ CEO Chris Lamers says humm is landing at exactly the right time in New Zealand to meet “ravenous” demand from retailers and consumers for affordable, flexible payment options that can keep pace with the soaring popularity of online shopping.
“humm meets the huge demand for products that make it possible for people to get what they need, when they need it. It is an effective way of managing household budgets and we have strict lending criteria to help our customers manage their borrowing.”
While BNPL products like Laybuy and Afterpay are traditionally favoured by millenials, Lamers says that flexigroup is seeing more customers over the age of 35 (with a strong penetration of home ownership) using BNPL products regularly and humm will open the door for major home and lifestyle purchases up to $10,000.
BNPL has already proven to lower the barrier to purchase conversions, as well as enabling retailers to reap the rewards of repeat business. It’s a way to help retailers grow their customer base, for New Zealanders to shop local, and to increase the spend on average per transaction.
Lamers says “BNPL goes hand in hand with online shopping and has an important role to play in growing our economy.”
How humm works:
- humm offers two digital wallets enabling customers to purchase Little Things (up to $1,000) and Big Things (up to $10,000).
- As of 14 September 2020, all existing Oxipay customers have been transitioned to a humm Little Things wallet.
- Existing customers will need to apply for a Big Things wallet. Applications can be processed via the app or online and will require credit, ID and affordability checks.
- A small monthly fee ($2.50) and establishment fee ($20) for Big Things will apply. These fees do not apply to Little Things.
- New customers can apply for an account via the humm website or app (via Apple or Play Store).
- humm gives customer the power to select a repayment cycle that works best for them with options from 10 weekly payments or five fortnightly payments for Little Things and up to 24 months interest-free for Big Things.
- humm is available at more than 2,400 retailers across New Zealand including at all Farmers, Pascoes, Stevens, Whitcoulls, Vivo, Briscoes, Freedom, JB Hi-Fi and PB Technologies stores.
- As a responsible lender, flexigroup takes all necessary steps to minimise financial risk to customers.
- Retailers are guaranteed settlement on next business day and merchant service fees are negotiated in advance.
- Visit: www.shophumm.com/nz for more details.