Qoo10, the online e-marketplace, has announced today that it will be partnering the global convenience store, 7-Eleven, to offer its users in Singapore a cash option. With this set in place, Qoo10 is looking at reaching out to about 900,000 Singaporeans aged between 18 to 54 earning S$30,000 (US$24,000) without credit cards.
Well, all Qoo10 shoppers have to is select 7-Eleven as their choice for payment and a system-generated payment advice will be issued to them. On it will be a unique barcode and a due date for payment. With more than 500 of these convenience stores in Singapore, with the exception of those at Shell stations and the Changi Airport, shoppers can easily make their online transactions on Qoo10 without pulling their hair out. Cashiers will scan the unique barcodes, collect the cash, issue a receipt and update the synchronized system where the e-marketplace will update and make the delivery.
Well, there is a payment range – from S$5 to S$500 (US$4.05 to US$405) so you probably will not see customers walking into 7-Eleven stores with a wad of thousand dollar notes. Payments made between 12am to 6:30am Singapore time (GMT+ 8 hours) will be processed on the same day while those made after 6:30am to 11:59pm will be processed on the following business day. Shoppers will have five business days to make the payment at 7-Eleven. If there is no payment by the end of the due date, the order will be cancelled.
What do we like about this cash option? Well, 7-Eleven is definitely the one store you can find within walking distance of any train station. They sure were not kidding about being convenience stores. Another thing is that most of these 7-Elevens are open all hours of the day. Do you know what that means? You could be inebriated while browsing Qoo10 at 3 a.m. and should you not have a credit card, just print out your system-generated barcode and you can pay for your purchase right away.
Read also: SingTel pushes cashless society with mCash
Asil Turk, commercial head of Qoo10 for its Southeast Asian business division also commented on this new option, “Qoo10 has just celebrated its third birthday with 900,000 members and we hope to hit the one million member milestone with the addition of the 7-Eleven payment option. We are already exploring marketing promotions and fulfillment collaborations with 7-Eleven. Qoo10 has always, and will continue to enhance user experience in each and every of its operations.”
Image Credit: Calvin Teo