By Yongchang Chin

Grab Holdings Inc. has partnered payments platform Adyen to offer Singapore and Malaysia customers the option to defer payments when making purchases through the company's GrabPay platform.

The PayLater service will allow users to choose between paying the amount over four interest-free installments or making the full payment the following month, Grab said in a statement Wednesday.

Grab said introducing the deferred payment option is likely to increase sales for merchants, citing rising numbers of shoppers and bigger transaction volumes for online fashion retailer Zalora after it offered a deferred payment option in May.

Grab and Adyen have worked together since 2016, when Grab was expanding its GrabPay platform across Southeast Asia.

Write to Yongchang Chin at yongchang.chin@wsj.com

(END) Dow Jones Newswires

July 21, 2021 01:51 ET (05:51 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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