The BNPL payment industry in Malaysia is emerging, with Yahoo Finance reporting that it is expected to grow by 23.6% in 2023.
As the Malaysian BNPL market continues to expand, more new players, like Grab, are entering this competitive industry to capture market share.
Grab introduced its own BNPL scheme, providing users with the choice of dividing payments into four monthly instalments. This is available for both online and in-store transactions for a wide range of services such as food deliveries, e-hailing rides, groceries, and purchases from participating merchants.
FMT Lifestyle recently explored Grab’s BNPL feature to test how it works. The app offers a user-friendly interface and an effortless experience.
Eligible users can activate the PayLater option under the ‘Payments’ section. Grab will then determine a suitable spending limit based on the user’s spending history on its platform.
To be eligible, users must be over 21 years old, and have made at least three Grab transactions in the recent months using cash, credit, or debit cards.
To start using PayLater, users can check the PayLater page in the app to find participating merchants that accept Grab PayLater.
FMT Lifestyle tested the PayLater feature by making an in-store purchase from Gamers Hideout – one of the participating merchants. Opting for the four-month repayment option, the first month’s instalment was paid in advance, and the due date was determined by the purchase date.
Since the purchase was made on June 28, the due date for the instalment will be on the 28th of each subsequent month for the next four months – that is until September.
After successfully completing the transaction with PayLater, GrabRewards will be instantly awarded for the amount paid. Subsequent instalments will also receive GrabRewards.
GrabRewards can be used to redeem discount vouchers for services within the Grab app such as Grab rides and GrabFood and for more PayLater purchases. Users can even get free vouchers for petrol or groceries.
With PayLater by Grab, users have the option to make purchases and pay in full the following month, or in four monthly instalments – all interest-free if payments are made on time.
The only fee that might apply is the administrative charge of RM10 to reactivate a suspended account due to missed payments.
By using PayLater by Grab, users see a clear and concise list of their total expenses, which can help them keep track of their spending.
While BNPL presents convenience for consumers, it is also crucial to exercise discretion to avoid overspending and losing control of your finances.
Hence, it is advisable to compare each option to find the best plan to suit your needs and monthly budget. Some services may offer cashback, rewards points or a more manageable limit.
PayLater by Grab is a good option as it offers a transparent payment solution, allowing users to confidently utilise it for essential purchases, including electronic gadgets, clothing, baby milk powder, and kitchen appliances.
With a strong emphasis on privacy and security, PayLater by Grab effectively mitigates the risks associated with fraudulent transactions.
The service is currently available for both online and in-store purchases at selected merchants nationwide.
As more merchants are expected to join in the future, users should check regularly for new additions. Among the participating merchants are iSetan, Mango, Dyson, Switch, Secret Recipe and myNews.
You can check the full list of merchants HERE.
To learn more about PayLater by Grab, visit HERE and also HERE.