First made available to Malaysian consumers in January 2021, the Buy Now Pay Later (BNPL) option for Shopee’s SPayLater payment method allows users to pay for their purchases in the following month without any extra fee. However, that has changed from today onwards.
According to an update on its official website and Shopee Malaysia’s Help Centre, customers that choose the BNPL option for their purchase will now have to pay an additional processing fee. The rate has been set at 1.5% of the total payment or the order amount.
The rate is identical to the processing fee that Shopee has imposed on SPayLater’s instalment options since July this year. At that time, the e-commerce company who has modified its policy on late payments as well.
While the company did not really explain the reason behind the move, it took place at the same time after the SPayLater was certified as Shariah-compliant by Amanie Advisors. Instead of charging 1.5% out of the order amount as the late penalty fee, Shopee would freeze customers’ SPayLater accounts instead if they failed to make their payments on time.
In order to gain access to the account once again, customers then have to pay RM10. The new policy has also been imposed on those who opt for the BNPL options and that remains the same even with the newly imposed 1.5% processing fee.
To be eligible for the SPayLater payment option which can be activated directly from Shopee’s mobile app, one has to be a Malaysian citizen aged 18 years and above with a valid MyKad or MyPR. Meanwhile, customers can sort out their SPayLater’s monthly payments through online banking, credit & debit card, cash payment at 7-Eleven branches, and of course, directly through the ShopeePay wallet.