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Dublin, April 27, 2022 (GLOBE NEWSWIRE) — The “Malaysia Buy Now Pay Later Business and Investment Opportunities – 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics – Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
BNPL payments in Malaysia are expected to grow by 109.5% on annual basis to reach US$ 601.2 million in 2022.
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 49.0% during 2022-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 287.0 million in 2021 to reach US$ 6588.3 million by 2028.
The publisher expects the BNPL market to continue its upward trajectory over the next four to eight quarters, as the demand for deferred payment services is expected to increase among both merchants as well as consumers in the country. Moreover, with the medium to long-term growth story of the country remaining strong, the publisher expects more global firms to expand their footprint in the Malaysian BNPL industry.
Banks are building strategic partnerships with BNPL companies to offer pay later options in Malaysia
With traditional banks losing ground to pureplay BNPL firms in the country, banking players have started to forge strategic alliances with BNPL players to offer their own BNPL service on credit cards.
- In November 2021, Standard Chartered Bank entered into a strategic partnership with Indian Fintech firm Pine Labs, which launched the BNPL service in Malaysia in March 2021. Under the strategic collaboration, both the firms will offer a BNPL service that includes 0% installments on credit cards at more than 25,000 retailers equipped with Pine Labs point of sale machines …
Full story available on Benzinga.com
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