Bank Negara Malaysia is now sharing a number of developments regarding the financial arena in Malaysia, including related to the BNPL arena or another name for installment purchases provided by a number of technology platform providers today.
Through BNM's partnership, 2 out of 5 BNPL service users are youth. Also shared, 4 out of 5 people who use BNPL have an income below RM3000 per month. On average, the amount spent by BNPL account holders is RM545.20, based on data from the 4th quarter of 2022.
BNM itself has previously stated that it is looking to enact a consumer credit act, in dealing with and including BNPL under it.
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BUSINESS & MONEY