What You Need To Know About ‘Buy Now Pay Later’

By Firdaus Arif · 14th June, 2021

Buy now pay later or credit card? Both credit card and buy now pay later services to give you a way to shop for what you need, then pay off your purchases over time. But there are a lot of differences between these two payment options.

Malaysia Market Trends

Based on the statistics by The Global Economy, the credit card segment in the Malaysian population only holds a proportion of twenty-one percent (21%) in the market. In contrast, there is seventy-three percent (73%) of debit cardholders in Malaysia. This significant difference is due to the tedious process that most applicants need to go through before owning the card itself. Many times, if you do not own a credit card or your request gets rejected, you are left with no option to convert your purchase into affordable installments. Fortunately, Buy Now Pay Later (BNPL) payment option is on the rise and appearing across a wide range of retail and service industries in Malaysia, from fashion to travel, offering alternative payment methods and in some cases, on a zero-interest basis.

BNPL benefits

The explosive adoption of BNPL across the globe proves that there is an incredibly strong product-market fit for BNPL as a category because BNPL options are interest-free, transparent, and beautifully embedded into the checkout flow of the merchant.

BNPL’s user experience is much more seamless compared to credit cards, especially when dealing with online transactions. Consumers often seek a superior frictionless one-tap checkout experience and buyer protection which led them to come up with a platform that helps consumers manage their budget. In other words, BNPL platforms break down financial barriers and make the payment process as seamless as possible.


For a generation that’s been burned by debt, BNPL is the real winner for millennials and consumers at large. Unlike a credit card, it offers:

  • Instant approval with no hard credit checks

  • No interest or hidden fees

  • A transparent, real-time view of every transaction you make in the app that encourages smart spending and budgeting

Download the myIOU app from Apple Store or Google Play to check out the better way to pay by splitting your purchase up to 6 repayment plans. 

Merchants can enjoy a free sign-up promo for a limited time only. Sign up with myIOU here and our Account Manager will connect with you.

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