The Finance Ministry has revealed that ‘Buy Now Pay Later’ (BNPL) transactions by local consumers in Malaysia reached RM7.1 billion last year. He added that RM4.9 billion in BNPL transactions were recorded in the first half of the year and jumped to RM7.1 billion by December 2024.
Speaking in the Dewan Negara today, Finance Minister II Datuk Seri Amir Hamzah Azizan was quoted by Bernama as saying that as of December 2024, there were 5.1 million active BNPL users in Malaysia, with the majority of them aged 21 to 45 and earning less than RM5,000 monthly. Furthermore, Amir Hamzah revealed that 12 companies are offering BNPL services in the country.
The Finance Minister II noted that while the growing use of BNPL in Malaysia has raised concerns over household debt levels, the overall increase in transactions remains manageable. As of December 2024, BNPL loans stood at RM2.8 billion, accounting for just 0.2 per cent of total household debt in the country. Meanwhile, outstanding BNPL loans remained under control at RM82.6 million, or 2.9 per cent of total BNPL credit.
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