Malaysia Airlines has partnered travel payment startup Fly Now Pay Later to allow travellers the flexibility of paying for the cost of their flights over a period of up to 12 months.
Fly Now Pay Later helps travellers spread the cost of trips by up to 12 months via its Anywhere app as well as through merchant partnerships with travel companies including Lastminute.com, TravelUp and now Malaysian Airlines.
The new partnership is targeted at improving and innovating customer service, said Daniel Bainbridge, Malaysia Airlines regional manager for UK & Europe.
"Our convenient payment alternatives diversify customer choice and decrease cart abandonment rates... We hope that our convenient payment alternatives will encourage passengers to book their next trip," he said.
Jasper Dykes, CEO of Fly Now Pay Later, added that the upfront cost of a holiday forces many consumers to hold back their spend. “We hope that by giving people the freedom to book a trip and pay at a pace that works for them, [it] will help spur reservations," he added.
The startup also referenced a recent study which indicated that two in three respondents would be more likely to buy from a travel provider if it allowed them to pay in instalments.
The London-based startup launched in 2015, and has just received a fresh funding of £10 million (US$14 million), on top of the £35 million announced earlier in March 2020. It is anticipating another significant fund pump of about £100 million in the second half of 2021, reported PhocusWire.