KUALA LUMPUR: Buy Now, Pay Later (BNPL) transactions rose 22.5 per cent to RM14.7 billion in the first half of this year, according to figures disclosed in a written parliamentary reply.
The transactions totalled nearly 174 million, up 23.9 per cent from the same period last year.
Buletin Utama TV3 reported that active BNPL account holders increased 22.7 per cent to 9.2 million, while outstanding financing reached RM6.6 billion.
Despite the growth, the non-performing financing rate remained at 3.3 per cent.
Young people accounted for nearly 40 per cent of BNPL transactions, while low-income earners made up about 70 per cent of active users.
The Consumer Credit Commission requires BNPL providers to assess applicants before approving financing. The assessment is intended to ensure consumers can afford their repayments and reduce the risk of excessive borrowing.
© New Straits Times Press (M) Bhd