Over in Indonesia and Thailand, one of the payment methods that are available for Shopee users over there is called SPayLater. In general, this particular method allows you to purchase products immediately and make your payment at another time.
As it turns out, the payment method has made its way into Malaysia although only selected users are able to utilise it at the moment. For Shopee Malaysia, there are four payment options provided under SPayLater which include Buy Now Pay Later (BNPL) as well as monthly instalments that last two, three, or six months.
For the BNPL option, customers have to pay the full price of their purchase although they will not be charged any processing fee. On another hand, customers that choose to pay for their items through monthly instalments, the processing fee will be 1.25% per month.
Regardless of their choice, they have to make the payment by the 10th of each month through ShopeePay e-wallet, online banking, or cash payment at 7-Eleven. Naturally, there is a late payment fee of 1.5% charged on a monthly basis.
According to Shopee Malaysia’s website, SPayLater is only available to Malaysian citizens that are at least 18 years old. It is not known when Shopee intends to make this payment option available to more users in Malaysia but it should happen very soon.