Shopee “Buy Now, Pay Later” Service Popular In Malaysia
Jayson 18 Dec 2023 07:12
According to Malaysian news, the latest survey shows that after the launch of the "Buy Now, Pay Later" (BNPL) function, the use of credit cards by e-commerce platform users fell by 9%, reflecting changes in the traditional credit payment model.
SeaMoney, a digital payment platform owned by Sea, conducted a survey of 25,000 active users and found that the rate of users borrowing money from relatives and friends dropped by 47%, which may mean that users are more inclined to use the "buy now, pay later" function.
In addition, the proportion of people borrowing money through pawns and seeking legal loans also decreased by 43% and 20% respectively.
The platform pointed out that the above-mentioned survey was aimed at gaining an in-depth understanding of the performance of SPayLater, the "buy now, pay later" solution launched by its Shopee, as an alternative financial solution, and this payment model has proven to provide users with payment flexibility.
Alain Yee, head of ShopeePay and SeaMoney Malaysia, said that regardless of income group, everyone can benefit from the "buy now, pay later" service.
“Low- and middle-income groups can use the buy now, pay later feature to "indulge" themselves or make planned purchases, while the middle class values the flexibility of this feature in managing emergency expenses.”
As for high-income groups, they choose to explore other payment methods without affecting their credit; this diversified usage pattern further highlights the financial management habits of Malaysians.
According to the announcement, up to 88.2% of the respondents are satisfied with SPayLater, and 81.9% of the respondents would recommend this service to others.
In addition, 24.5% of respondents stated that the main reason for using the service is that SPayLate's application process is very simple.
SeaMoney, a digital payment platform owned by Sea, conducted a survey of 25,000 active users and found that the rate of users borrowing money from relatives and friends dropped by 47%, which may mean that users are more inclined to use the "buy now, pay later" function.
In addition, the proportion of people borrowing money through pawns and seeking legal loans also decreased by 43% and 20% respectively.
The platform pointed out that the above-mentioned survey was aimed at gaining an in-depth understanding of the performance of SPayLater, the "buy now, pay later" solution launched by its Shopee, as an alternative financial solution, and this payment model has proven to provide users with payment flexibility.
Alain Yee, head of ShopeePay and SeaMoney Malaysia, said that regardless of income group, everyone can benefit from the "buy now, pay later" service.
“Low- and middle-income groups can use the buy now, pay later feature to "indulge" themselves or make planned purchases, while the middle class values the flexibility of this feature in managing emergency expenses.”
As for high-income groups, they choose to explore other payment methods without affecting their credit; this diversified usage pattern further highlights the financial management habits of Malaysians.
According to the announcement, up to 88.2% of the respondents are satisfied with SPayLater, and 81.9% of the respondents would recommend this service to others.
In addition, 24.5% of respondents stated that the main reason for using the service is that SPayLate's application process is very simple.
