View OF A BNPL PROVIDER ,
The three main suppliers of BNPL solutions in Malaysia last year were Shopee, Grab, and Atome. According to the CCOB, these three companies made up 97 per share of all BNPL purchases.  ,
Customers used deferred payment or payment options to rhythm and stretched out their obligations in accordance with their individual budgets or financial preparing goals, according to Mr. Alain Yee, Head of SeaMoney and ShopeePay Malaysia, according to CNA.  ,
He did point out that not everyone has access to regular payment options, as the company discovered that about 10 % of SPayLater users lack access to these choices.  ,
In response to inquiries from CNA, he said,” The presence of BNPL solutions allows this demographic to buy and purchase necessities in times of want, including act payments, purchasing coverage policies, and other essentials.”
Mr. Yee added that using their service, fast-moving consumer products, which are items sold quickly for relatively low prices, consistently ranked at the top of the list of items purchased at the time of purchase.  ,
” While consumers ‘ financial habits affect how they manage their budgets, BNPL providers must also take proactive measures to protect users from overspending,” said BNPL.  ,
People are often encouraged to schedule out their payments along with earlier reminders of future payments, he said,” with SPayLater, for instance, users are given individualised credit limits suited to their payment capabilities.”  ,
A lower payment control, which usually ranges from RM100 to RM300, is provided to new customers when they first install SPayLater, according to Mr. Yee.  ,
And as consumers continue to implement the company, several aspects will be considered, including their spending and payment abilities.  ,
Users will be notified of an adjustment to their credit limits after inner reviews, with the latter likely seeing an increase or decrease, he said, adding that the company’s customer base has grown consistently and sustainably.
In response, Mr. Yee claimed that there has been a decrease in both late and repayment delinquencies.
The proposed Credit Consumer Act, he added, would promote a good and secure environment for both customers and funds service providers, he added.  ,
The Credit Consumer Act mandates that companies conduct value assessments on clients, which are the important activities that stand out in this respect. Operators can use this to better understand and tailor their services to individual customers while guarding users from unexpected overbudgeting, he said.  ,
Calls for remarks were never responded to by Atome and Grab.  ,  ,
EASY TO APPLY, EASY TO GET TRAPPED ,
The Credit Counseling and Debt Management Agency ( CBDM), a company that is under the BNM’s control, reported to CNA that the BNPL providers make it simple for customers to apply for and be approved to use their services.  ,
” It is so easy. You can even use your apps to make payments in installments for meals. It’s made very simple I think,” said AKPK mind for household monetary education Nirmala Supramaniam.  ,
According to Mdm Nirnala, she noticed that a lot of what the children spent on with these BNPL companies were for” experience” for as little holidays, facials, or even for hair color.  ,