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The buy now pay later (BNPL) trend has been growing in popularity globally in recent years, and Malaysia is no exception. With the increasing number of consumers turning to digital channels for their shopping needs, BNPL services have emerged as an attractive payment option, allowing consumers to make purchases without paying the full amount upfront.
In Malaysia, there are several BNPL providers that have gained popularity among consumers, including MyIOU, Pay Later, and Atome. These platforms offer a convenient and flexible payment option for consumers, allowing them to pay for purchases in installments over a period of time.
According to a report by iPrice Group, a leading e-commerce aggregator in Southeast Asia, the BNPL market in Malaysia is projected to reach a market size of RM 5.8 billion (approximately USD 1.4 billion) by 2025. The report notes that the growth of the BNPL market in Malaysia has been driven by factors such as the increasing popularity of e-commerce, rising consumer demand for flexible payment options, and the growing number of BNPL providers in the market.
MyIOU is one of the leading BNPL providers in Malaysia, offering flexible payment plans to consumers for online and offline purchases. The platform has partnered with various merchants across Malaysia, including e-commerce platforms such as Shopee and Lazada, as well as physical retailers such as Watsons and Lotuss. According to MyIOU, the platform has seen a 150% increase in transaction volume in 2021, highlighting the growing demand for BNPL services in Malaysia.
Another popular BNPL provider in Malaysia is Pay Later, which allows consumers to pay for purchases in three installments over a period of time. Pay Later has partnered with a variety of merchants across Malaysia, including online fashion retailer Zalora and electronics retailer Senheng. According to Pay Later, the platform has seen a 400% increase in transaction volume in 2021, indicating the strong demand for BNPL services in the Malaysian market.
Atome is another BNPL provider that has gained popularity among consumers in Malaysia. The platform offers a flexible payment option for consumers, allowing them to split purchases into three interest-free installments. Atome has partnered with a variety of merchants across Malaysia, including online fashion retailer FashionValet and electronics retailer Harvey Norman. According to Atome, the platform has seen a 350% increase in transaction volume in 2021, highlighting the strong demand for BNPL services in Malaysia.
In conclusion, the BNPL market in Malaysia is rapidly growing and is projected to reach a significant market size in the coming years. With the increasing popularity of e-commerce and rising consumer demand for flexible payment options, BNPL providers such as MyIOU, Pay Later, and Atome are well-positioned to continue growing and capturing a larger share of the Malaysian market.