News & Reviews:   BNPL

Buy Now, Pay Later (BNPL) services are increasingly becoming the choice of Malaysians to make small purchases easily. Now, the government has released a new consumer bill. So, what should you know about it?

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.

Apple has previously introduced a BNPL (Pay Later, Use Fast) service, called Apple Pay Later. It was introduced on a limited basis in the United States, in 2023. Now, less than a year since the service was offered to the public, Apple announced that it would end the service. The support page also states that no more new loans are being offered through Apple Pay Later.

Recently, Nor Rafidz Nazri of Bank Negara Malaysia (BNM) announced that a special body to oversee entities engaged in providing Buy Now Pay Later (BNPL) would be set up while the Consumer Credit Act (CCA) would impose tighter regulations on BNPL credit providers. Major online BNPL players that were named included Shopee, Grab and Atome as they make up 97% of BNPL providers in Malaysia.