Grab Malaysia has standardised the PayLater interest rate to 1.25% per month starting today. This will apply to all new 4, 8 and 12-month instalment plans and only applies to transactions made today. So, what should you know about it?
The new standard rate is meant to standardise the interest rates charged by PayLater
For your information, customers who previously used PayLater will still be charged the previously introduced 1% promotional rate. Grab said the new rate was introduced to simplify and standardise the interest rates charged by PayLater across top-up transactions and in physical stores.
In addition, this will provide a more transparent and predictable experience for users. Grab added that the 1.25% rate will remain in place until 31 May 2026. Users will be given prior notice if there are any changes after that date.
The PayLater service allows users to split payments into instalments on a BNPL basis. It was first tested in Singapore in July 2019 before being introduced in Malaysia in September 2019.
Stay tuned to TechNave.com for more updates like this.
COMMENTS