Singaporean mobile payment app SpherePay has introduced a “micro-loan” concept for its users.

It is the first mobile payment app to offer a buy-now-pay-later scheme, which it terms advanced credit. A QR code enables payments. Users must be at least 18 years old to sign up for the service, which allows users 30 to 45 days to repay.

Processing and approval can be done within two hours. Applications can be made by clicking the Advanced Credit icon on the SpherePay mobile app. For first time users, the credit amount is set at $300. As the app monitors spending patterns and repayments, the credit amount can increase.
“The advance credit will benefit people without credit cards, especially students,” says the company.

Launched in November, SpherePay has more than 60,000 users in Singapore and 100-plus merchants. Meanwhile, the company plans to expand to Thailand, Indonesia and Malaysia this year.