BNPL transactions rise 22.5pct to RM14.7bil
KUALA LUMPUR: Buy Now, Pay Later (BNPL) transactions rose 22.5 per cent to RM14.7 billion in the first half of this year, according to figures disclosed in a written parliamentary reply.
BUY NOW, PAY LATER transactions surged 22.5 percent to RM14.7 billion in the first half of the year, a written parliamentary reply disclosed. The total amounted to nearly 174 million transactions, a 23.9 percent increase compared to the same period last year. According to TV3, active BNPL account holders surged 22.7 percent to 9.2 million, while outstanding financing reached RM6.6 billion.
Nevertheless, the non-performing financing rate remained at 3.3 percent. Young people made up nearly 40 percent of BNPL transactions, with low-income earners accounting for about 70 percent of active users. The Consumer Credit Commission mandates that BNPL providers assess applicants before approving financing, aiming to ensure consumers can manage their repayments and mitigate the risk of excessive borrowing.
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