News & Reviews:   Buy Now 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.

Shopee is making a change to its Buy Now Pay Later feature (a.k.a SPayLater), which might make you less interested in using it. The online shopping platform will start charging a processing fee of 1.5% for its SPayLater payment option starting today, 17 October 2022. Therefore, even if the users pay in full in the following month, there will still be extra charges incurred.