BNPL (Buy Now, Pay Later) option enables customers to conveniently spread their payments over 3 or 4 months. You receive full settlement upfront, deducting fees, while your customers pay only a portion of the total at the time of purchase. BNPL options are commonly utilized by:
- Merchants selling high ticket items goods and services like luxury items
- Merchants selling low value goods and services that want to reach new customers who might not have credit cards
Wide range of industries #
In general, merchants who use BNPL in Payex are from various industries:
- Beauty products & services, clothings, and accessories
- Home living and furnitures
- Education, membership, online courses and classes
- Others, such as sports, baby and kids, workshop services etc.
Payment journey in 4 simple steps! #
- At checkout, customer chooses to pay with a BNPL option.
- Customer creates or logs into an account with the BNPL provider.
- Customer goes through e-KYC process for first-time account sign up.
- Customer accepts or declines the terms of the repayment plan.
How do BNPL providers decide the customer’s credit limit? #
Credit Limit is determined by Payex’s Buy Now, Pay Later (BNPL) partners based on your customer’s personal information. This includes your customer’s name, identity number (NRIC), debit card details, and other relevant details provided during the sign-up process.<space>
- Example of customer’s eligibility criteria by
- At least 18 years old
- A mobile number issued with a Malaysia prefix (+60)
- Legal full name
- A Malaysian NRIC
- Date of birth
- A valid email address
- A credit/debit card issued by a financial institution
- Residential Address
- Residential Status
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- Example of customer’s eligibility criteria by
- Existing Grab user for at least 6 months
- 21 years and older
- Account has been fully verified
- Platinum, Gold, or Silver GrabRewards tier member
- Grab app has been updated to the latest version
- Credit limit can be increased over time based on the end-users’ activities. Payex is not involved in this process.
- If eligible for PayLater, your customer will be able to activate it in-app, or simply launch your Grab app, tap on Payments, tap on Enjoy Now and Pay Later under Explore GrabPay.
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- Example of customer’s eligibility criteria by
- Require minimum sufficient balance for first instalment (1/3 of price)
- Accept both debit and credit card for all local banks
- Do not accept foreign card
- Do not accept prepaid card
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See also: #
You may refer to our BNPL pricing here.
