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Shopee has now announced their own Pay Later, Quick Use (BNPL) service, namely SPayLater has now received shariah -compliant certification from Amani Advisors.
For information, Shopee SPayLater was introduced in January 2021, allowing users to buy first, and make payments later, when they have received a salary. Users can also break the payment according to monthly installments.
However, at that time, each transaction came with a 1.5%late payment interest charge. Due to that, the Mufti of the Federal Territory has said it has an element of riba, and riba is illegal.
Further to that, they have now received shariah confirmation, and also changed the structure of late payments.
Now, when you experience a SPayLater payment delay, your account will be frozen, and you will have to make payment of any outstanding payments. In addition, you will also be charged a service charge of RM10 to continue using the SPayLater service.
At the same time, the processing fee for installments is also now increased to 1.5% per month on total purchases - in contrast to the previous 1.25%.
With this change, it may lead to more Muslim users using this SPayLater service.
For yourself, are you going to use it?