KUALA LUMPUR, July 4 — Thanks to the pandemic, the buy now pay later (BNPL) services sector is turning into a huge business. Research and Market, which studies retail trends,...
KUALA LUMPUR, July 4 — Thanks to the pandemic, the buy now pay later services sector is turning into a huge business.
All you need to do is sign up, fill up some personal details and voila you’re all set to go — credit doesn’t come as easy, at least for now. So with competition growing, what makes each of them different? We list down six of the most popular BNPL platforms and take a comparative look: Lou-Walsh said Atome doesn’t earn from interest charges on users but collects a certain fee from merchants instead. Users will also have to pay a RM30 penalty for any late payment.
That extensive list of merchants on its network primes Fave to leverage on its system for an in-house BNPL payment service, so FavePay Later was eventually rolled out as recently as 2021. Its general manager Jason Wong told Bernama in an interview last year that hoolah saw a 600 per cent surge in order volume from May 2020 until May 2021.Grab, popular for its ride sharing and food delivery services, launched its own BNPL payment option in 2019, which is slightly different from what other BNPL payment providers offer — it lets you break a single payment into either four installments, or you can opt to pay the entire sum in the month after.
The BNPL option is only available for those above 21 years old, and you have to be what it calls a “silver tier” member, that is a user must first accumulate at least 200 GrabReward Points.As for late payment, Grab would immediately freeze a PayLater account for each missed installment. The penalised user would have to pay RM10 to reactivate the account.
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