Atome Financial Philippines’ New President and Country General Manager Chris Quiros explains what you may not know about “buy now pay later” transactions. 

Making payments for transactions has been more convenient these days thanks to the availability of e-wallets and mobile banking apps. QR codes, too, have also made it more convenient to pay in person without having to bring out cash. Aside from these, there are many financing options these days that allow for convenience and flexibility. One of which is known as “buy now pay later.” 

To get a better understanding of what “buy now pay later” is and where such options can be found, The Business Manual spoke to the new president and country general manager of Atome Financial Philippines, Chris Quiros. 

How would you describe the fintech industry here in the Philippines today? Do you think that the current products/solutions available in the market adequately address the needs of the public?

The fintech industry here in the Philippines is very progressive and has a very bright future ahead. They help address the needs of the public, especially fintech companies like us who are into Consumer Lending. 

Following a prudent, risk-managed and responsible financing framework, the underserved and the unbanked segments are now gaining access to affordable, risk-managed credit, which is the primary objective of the financial inclusion initiative of the government.

What misconceptions of fintech do you want to correct?

The misconception that fintech is just purely a tech solution because fintech has evolved and has diversified through the years.

What drew you to Atome and how would you describe what the company offers to someone who has never heard of it?

I’ve been in the banking industry since I started working. Moving to the fintech space was such a big decision for me. I think what attracted me to Atome was the suite of products it offers: Atome (PayLater Anywhere) Card, Atome Cash and e-commerce strategic partnerships such as with Lazada. These are the products that are so close to my heart as most of my career is really into Consumer Lending, particularly Cards and Payments.

Of all the products, I would say that the Atome (PayLater Anywhere) Card, which is the first in the market, continues to gain traction as we see its trajectory. We’re so visible on different social media and other online platforms as our existing customers talk about their great experience of our products.

How would you explain “buy now pay later” in your own words? How is it beneficial to both businesses and consumers?

For me, one word to explain “buy now pay later” is flexibility. It allows our customers to easily transact on installment as their Atome accounts are enrolled in their favorite merchants. They also get other perks when they use their Atome accounts to transact.

For our Atome (Paylater Anywhere) Card, our customers can use their cards anywhere, whether online or offline, whether domestic or abroad, and easily convert their purchases into installments if they wish to. Given that, even businesses or merchants benefit from it as we drive our customers to their platforms.

Credit card penetration in the Philippines is still low, penetrating 15% of working adults in 2024. Meanwhile, debit card ownership is at almost 10 times the number of credit cards in force. So what this means is there is a sizable credit crunch, especially among those who need it the most.

So, one of the biggest challenges we are trying to solve is financial inclusion and access to affordable credit, especially among the underbanked who need it the most.

What misconceptions about “buy now pay later” do you want to correct?

I think it’s the misconception that the real buy now pay later is just a plain installment plan that exists in the market because it’s not. It provides more flexibility and can give quick access to new customers who apply for it but in a fiscally prudent, risk-managed and responsible way.

Another misconception is the way we manage risk and spend exposure. Put simply, if we feel a user does not fit the correct risk profile for our product, we would politely reject this user’s application and/or grant a much lower spend limit.

What are the benefits of using Atome’s services, especially for those who are first-timers?

One really good data point is that for the majority of our Atome (PayLater Anywhere) Card users, it is the first-ever card product they own. And the top three use cases for it are telco/utility bill payments, groceries, and e-commerce purchases.

I think that’s why we are seeing very healthy, 20% month-on-month organic growth of our Card user base.

What concrete tips and advice can you give to entrepreneurs when it comes to incorporating tech, particularly fintech products/solutions, into their businesses? Do you think doing so is a necessity nowadays?

Yes, I would recommend to MSMEs the need to incorporate technology into their businesses as that will propel the expansion of their market reach. There are many different solutions tailored to cater to different types of businesses to choose from.

What can the public look forward to from Atome in the near future?

A lot! The Philippines is a key market for us, supported by underlying factors such as increasing consumer adoption of mobile-first digital financial services, a growing middle class and young, mobile-savvy internet population.

We also just completed securing an up-to-$200M regional syndicated credit facility with HSBC and other lenders to support our growth in key markets like the Philippines.

Aside from continuous product and system enhancements we are doing to further elevate customer experience, users can look forward to new products that will be launched soon.

Chris Quiros is the new president and country general manager of Atome Financial Philippines. He holds a bachelor’s degree in political science and a master’s degree in business administration from De La Salle University. Prior to joining Atome, he worked for different local and multinational banks, performing different leadership roles in Consumer Lending.