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Late payment fees: It is dependent on your order amount. Penalty fees are set at fixed prices and is dependent on your order amount. Like Fave, hoolah also determines the credit limit given based on user assessments and provides a repayment tenure of three months. As of November 2021, hoolah had over 2,000 merchants on board. Similar to Atome, hoolah states that it works with a large variety of well-known merchants. Launched in 2018, it expanded to Malaysia the following year and it’s now also operational in Hong Kong. Hoolah is a Singapore-based BNPL service that we’ve previously written about. Partner merchants: Over 40,000 retailers including GNC, Marks & Spencer, Puma, and Pandora. Late payment fees: 1.5% of the outstanding payable amount per late payment after 7 days. The credit limit provided is based on user assessments, and instalments are spread out across three months. Customers may also earn up to 10% cashback with every FavePay Later purchase.įavePay Later is available at all Fave merchants in Singapore and Malaysia, which amounts to over 40,000 retailers. On top of its lifestyle app and e-wallet, Fave also has a BNPL service that was launched in mid-2021 for users to split their payments on FavePay transactions. Partner merchants: Over 2,000 retailers online and in-store including Zalora, Agoda, Machines, Starbucks, Coach, Sephora, and Fly Project. Late payment fees: RM30 per late payment (penalties are capped at RM60 per purchase). Instalments are spread out across three months.Ĭredit limit: RM1,500 for non-credit card users, RM5,000 for credit card users. To use its BNPL service, customers must be at least aged 18 and spend a minimum of RM10 for a single purchase. It has partnered with over 2,000 retailers online and in-store. One of SEA’s largest BNPL platforms today, it is present in Singapore, Malaysia, Indonesia, Hong Kong, and Mainland China. AtomeĪtome (pronounced a-toe-me) is a Singaporean BNPL service launched in 2019. We’ve compiled a non-exhaustive list of BNPL services in Malaysia as of 2022 and noted down their credit limits, payment tenures, late fees, and partnered merchants. This is what makes BNPL attractive to many.

Thus, making it difficult for say, part-time workers or those who lack a good loan repayment reputation in general to apply.

This is in contrast to the lengthy credit card assessment periods where applicants are required to submit documentation like pay slips, bank statements, employment info, etc.īased on personal experience, credit cards also have a minimum salary amount to qualify for them. Most would only require a picture of your IC and regular sign up details like name, email, phone number, home address, and more. Typically though, applications for BNPL services tend to be more forgiving. Similar to credit cards, you will be charged late payment fees if you don’t pay up in time, and these charges differ depending on the platform. As a consumer, you will then pay the BNPL provider in instalments. To illustrate, when you make a BNPL transaction, the BNPL provider will first purchase the item from the merchant (while taking a service fee).

BNPL allows you to make purchases by splitting the cost into monthly instalments with 0% interest if you pay within the pre-determined tenure. In case you’re not too familiar with how buy now, pay later (BNPL) services work, they essentially function like credit cards.