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Where is MYIOU in all of this ? Right down the bottom of the pile

The "Malaysia Buy Now Pay Later Business and Investment Opportunities (2019-2028) - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics" report has been added to ResearchAndMarkets.com's offering.

BNPL payment in the country is expected to grow by 76.3% on annual basis to reach US$ 479.3 million in 2021.

Medium to long term growth story of BNPL industry in Malaysia remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 33.2% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 271.8 million in 2020 to reach US$ 3,571.8 million by 2028.

The recent global pandemic has undoubtedly changed consumer behavior and reshaped the retail sector in Malaysia. The pandemic-led financial uncertainty has taught consumers to become more cautious with their spending habits. Consequently, giving the opportunity for many FinTech companies in the country to implement buy now, pay later (BNPL) solutions, replacing the traditional payment methods with a more flexible, convenient financing option.

Notably, 55% of the Malaysian population is still underbanked and unbanked. This sizeable gap in the traditional banking system represented the growing need for efficient digital banking solutions to provide consumers with easier access to credit in the country. Players including Grab, Pine Labs, Atome, and Adyen have all jumped at the opportunity to this potentially lucrative gap in the Malaysian market.

Increasing in-store BNPL partnerships are creating growth opportunities for the BNPL market. For instance, Singapore-based BNPL provider, Atome, has partnered with several physical store retailers in Malaysia. The three-year-old startups have made aggressively partnered with big retailers such as Hush Puppies. Notably, the BNPL provider has also partnered with other merchant partners across key verticals, including lifestyle, health, fitness, fashion, and beauty.

Moreover, BNPL firms are entering into strategic partnerships with other payment service providers in the country. These strategic partnerships are helping BNPL firms to get more merchants on board, therefore, allowing them to increase transactions volume in the country.

One such strategic partnership involved global BNPL player, Splitit, and GHL Systems, the leading payment provider in the Southeast Asia region. Splitit entered into a strategic agreement with GHL ePayments Sdn Bhd in July 2021 to offer the installment payment solution offered by Splitit to more than 2,000 online merchants across Southeast Asia, including Malaysia.

Scope

Malaysia Buy Now Pay Later Market Share Analysis by Key Players

• Atome
• Rely
• Split
• Grab
• Pay Later
• hoolah
• HSBC bank
• AFFIN Bank
• CIMB Bank
• Am Bank
• RHB Bank
• IOU Pay