The BNPL service (Pay Later, Use Fast) is one of the payment methods that is seen to be increasingly popular among local users. Through the latest CCOB (Consumer Credit Oversight Board) analysis, it is seen that there are 3.7 million active BNPL users so far, and the majority are those aged 21 to 45 years.
For the first quarter of 2024 alone, transactions using BNPL reached RM2.3 billion involving 29 million transactions. This shows a sharp increase compared to only 14 million transactions worth RM1.3 billion for the first three months of 2023.
According to the same analysis, id seen around 3.8% of active users missed their payments in the first 3 months of 2023.
Today, there are over 700,000 retailers who accept this BNPL payment method, mainly in the food, restaurant, retail, and transportation sectors.