News & Reviews:   Buy Now Pay Later

Today, CelcomDigi has taken another major step toward enhancing digital convenience with the launch of PayFlex powered by Boost, a Shariah-compliant Buy Now, Pay Later (BNPL) service now available directly within the CelcomDigi app. The new feature provides customers with a secure, flexible, and responsible way to manage payments and finances seamlessly through a single trusted platform.

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.

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.