Net Protections, Inc. (headquartered in Chiyoda-ku, Tokyo; CEO: Shin Shibata; “Net Protections”) is pleased to announce that the number of members (*1) of the Buy Now Pay Later (BNPL) service in Taiwan, AFTEE, which is provided by its subsidiary, NP Taiwan, Inc. (“NP Taiwan”), has exceeded 1 million people as of late May 2023. AFTEE has grown into a service that is used by one out of every 20 people in Taiwan (*2). Since the service launch in August 2018, its transaction volume has continued to grow at a rate of over 80% every year, contributing to convenient and safe shopping experience in Taiwan.
*1: Number of members of AFTEE as of May 2023
*2: Approximate population of Taiwan (23.26 million people as of June 1, 2023 from the Ministry of Foreign Affairs https://www.mofa.go.jp/mofaj/area/taiwan/data.html) ÷ number of AFTEE members
Outlook for the BNPL Market in Taiwan
Demand for online shopping is on the rise, and as a consequence, the use of payment services is growing. In addition, with issues related to the information security of online shopping receiving attention recently, an increasing number of online shoppers are placing a high priority on the security of payment services. BNPL services are becoming increasingly popular as they make it easier to shop with peace of mind compared to other payment services. This is because there is almost no risk of information leakage, as payment can be completed with only the minimum required information, and users can pay after they have checked the product.
About AFTEE
AFTEE is a BtoC BNPL service. Users can pay with their mobile phone number only and can choose to pay all at once, or to pay in up to 24 installments. This allows people who are apprehensive about shopping online or using credit cards, or who do not have a credit card, to shop safely and conveniently. Merchants can expect to acquire a broader range of customers by satisfying the needs of users who want to shop with BNPL. Moreover, merchants can be free from bothersome operations because Net Protections handles all of the payment processing and guarantees risk-free (nonpayment risk). AFTEE’s strengths are its highly sophisticated credit screening system and delinquency rate control technology. Leveraging the know-how of the BNPL service for Japan, NP Atobarai, which has a track record of over 20 years of operations, AFTEE has achieved a high credit approval rate of 96% with only the minimum required information. It is growing fast in online and other markets, and there are already more than 2,800 member stores. AFTEE will continue to strive to provide convenient and secure payment services and expand its service area so that more consumers can enjoy a variety of payment experiences and options.
About NP Taiwan, Inc.
NP Taiwan is a subsidiary of Net Protections. It began providing a BtoC BNPL service in Taiwan called AFTEE since 2018. It is becoming increasingly popular in online and other markets, and now is already available at over 2,800 online stores. Going forward, NP Taiwan will continue to strive to provide convenient, safe and secure payment services for its users, and to expand and improve the quality of its services.
Company name: NP Taiwan, Inc.
Representative: Yuki Kakumoto, Chief Executive Officer
Website: https://aftee.tw/
Service: BtoC BNPL service, AFTEE
Office: 5F, No. 378, Fuxing N. Rd., Zhongshan Dist., Taipei City 104079, Taiwan (R.O.C.)
About Net Protections, Inc.
Company Name: Net Protections, Inc.
(Net Protections Holdings, Inc. [Code: 7383, the Prime Market of the Tokyo Stock Exchange] Group)
Representative: Shin Shibata, CEO
Website :https://corp.netprotections.com/
Business Description: Provision of Buy Now Pay Later (BNPL) services
Founded: January 2000
Capital: JPY 100 million
Head Office: Sumitomo Fudosan Kojimachi First Building 5th Floor, 4-2-6 Kojimachi, Chiyoda-ku, Tokyo 102-0083, Japan
Direct any inquiries regarding this release to:
Net Protections PR
Email: pr@netprotections.co.jp
