Have you noticed a new payment option when you check out your purchase? There are now multiple Buy Now, Pay Later (BNPL) platforms for Malaysians to use. BNPL platforms enable you to make purchases by splitting the cost into monthly instalments, usually at 0% interest. Some platforms allow you to delay the payment until the end of the month or the following month. The catch is that you might be charged late payment fees if you don’t make your payments on time.
Although BNPL can make it easier for you to afford certain products and services, but it’s also important to ensure you don’t go overboard with your spending. Here are 4 things to know before you shop with a BNPL service: