Young Malaysians spent RM5.4bil through BNPL in just six months
Those aged 30 and below accounted for more than a third of Malaysia’s buy now, pay later spending in the first half of the year.
Recent data reveals that young Malaysians have made 65.9 million buy now, pay later (BNPL) transactions worth RM5.4 billion in the first six months of the year. This accounts for 37.9% of all BNPL transactions and 36.7% of their total value in the country. Young users aged 30 and below made up a significant portion of the BNPL activity, with RM2.4 billion in outstanding financing as of June 30, 4% of which was classified as non-performing.
Despite the rapid expansion of BNPL, the finance ministry has stated that BNPL debt represents only around 0.3% of Malaysia's overall household debt. The Consumer Credit Commission has introduced new regulation to ensure responsible credit practices, including tighter oversight of BNPL providers and affordability assessments for larger credit limits.
Despite the convenience of BNPL, young Malaysians must still manage their spending responsibly, as the small instalments can add up to a significant portion of their consumer credit landscape.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Young Malaysians spent RM5.4bil through BNPL in just six months freemalaysiatoday.com
