Cashback and rewards platform ShopBack has ended support for PayLater, its Buy Now Pay Later (BNPL) scheme. The discontinuation was announced by the company earlier this month, but it did not disclose the reason for its shutdown.
According to the FAQ page, users were able to use the feature up to 21 March 2024, but starting from 22 March 2024, PayLater will no longer be a payment option on the platform. It is also ending the BNPL feature in its home market of Singapore. This comes just a day after the firm laid off 24% of its headcount, accounting for 195 staff members, in a move towards sustainability after a cost-cutting period that included salary freezes and unfilled roles.
In case you need a refresher, PayLater was introduced less than two years ago back in 2022 after it acquired BNPL startup hoolah. The feature allowed users to space out purchases over three monthly instalments without getting charged any interest. It could be used for both online purchases as well as in-store retail transactions.
Of course, despite the shutdown, those with outstanding instalments will still need to settle up as per usual. Merchants are still expected to continue fulfilling your purchases and any refunds after the deadline will still be processed.
(Source: ShopBack)
