PETALING JAYA: A recent survey by the consumer credit oversight board task force revealed that 97% of users of “buy now, pay later” (BNPL) services pay their debts on time. The survey, which included data from 10 BNPL providers, reported that the total credit extended was RM1.4 billion by the end of Q1 2024.
Buy now, pay later
Despite its relatively small size compared to credit card debt, BNPL accounts for 0.07% of total household debt. Task force deputy head Azryta Abdul Aziz emphasized the importance of monitoring BNPL growth to prevent misuse and highlighted upcoming Consumer Credit Act regulations to protect consumers.
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