Over 5.1 million Malaysians now rely on Buy Now Pay Later (BNPL) services, racking up RM7.1 billion in spending in just the second half of 2024. However, with new regulations about to take effect, the landscape is about to change.
Which BNPL providers are worth your trust? How do their fees and features compare? And what does the incoming Consumer Credit Bill mean for you as a user?
In this guide, we break down the top BNPL providers in Malaysia, compare fees and features, and share the latest trends related to BNPL adoption here.
Last Updated: 7 January 2026
What Is Buy Now Pay Later (BNPL) and How Does It Work?
BNPL is a payment option that allows consumers to split purchases into smaller, sometimes-interest-free instalments over a set period, typically three to six months. In Malaysia, BNPL is widely used for online shopping and electronics, among many other things.
The appeal? It offers the flexibility of credit without the perceived burden of credit cards. As long as users repay on time, there are most likely no interest charges, though this can vary depending on the plan type.
As a consumer, you must know that missing a payment can trigger late fees or penalty charges.
A Snapshot of BNPLs in Malaysia
Three key players dominate the BNPL scene in Malaysia: SPayLater by Shopee, PayLater by Grab, and Atome.
Top 3 BNPLs in Malaysia
SPayLater by Shopee
SPayLater is a consumer financing feature by Monee, the financial services arm of Shopee. It gives users the flexibility to fund their purchases on Shopee, ShopeePay, and at participating merchants through either a one-month “buy now, pay next month” option or instalment plans that range from three to twenty-four months.
Users can settle their SPayLater bills directly within the Shopee app using various payment methods, including ShopeePay, debit or credit cards, online banking, or even cash payments.
According to its website, both the one-month and other instalment options under SPayLater have been certified as Shariah-compliant by Amanie Advisors, a globally recognised Shariah advisory firm registered with the Securities Commission in Malaysia.
Atome
Atome, short for Available to Me, is a digital financing platform that lets shoppers split their purchases into three interest-free payments or choose a longer repayment plan with a small service fee at selected merchants.
It’s available with various retailers across Southeast Asia, both online and in-store, spanning categories like fashion, beauty, lifestyle, home, fitness, and travel.
Atome is part of Atome Financial, a fintech company focused on consumer credit and financial inclusion. The latter operates under Advance Intelligence Group, a Singapore-based tech startup with a strong presence across Southeast Asia and China.
Shoppers can also access Atome+, the platform’s rewards program, which offers instant cashback, exclusive offers, and in-app games.
PayLater by Grab
PayLater by Grab is a flexible payment option that lets users choose between two ways to pay: split purchases into 4, 8, or 12 monthly instalments, or consolidate your spending and pay once a month. It is possible to earn GrabRewards points, with select instalment payments offering up to 1.5x points.
PayLater can also be used across select Grab services like rides and food delivery, as well as for online and in-store purchases at partner merchants.
The platform is designed to be fully transparent: users receive real-time updates on all transactions, payments, and refunds. Security and ease of use are key features. Transactions are verified with a one-time password (OTP), and users don’t need to enter their credit card details repeatedly.
Payments can be automated through GrabPay or a linked card to help avoid missed bills. Next, registration is simple and quick. Most existing Grab users are eligible for PayLater without any additional application or documentation.
What’s Next for BNPLs in Malaysia?
BNPLs in Malaysia are about to enter a new, more regulated chapter. With the Consumer Credit Bill passed in July 2025, the Ministry of Finance is taking decisive steps to regulate and supervise credit businesses, including BNPL operators, factoring companies, hire purchase operators, moneylenders and the like.
The new Consumer Credit Act will introduce critical safeguards: licensing for BNPL and similar providers, monitoring industry compliance, investigating violations and more.
This regulatory push comes at a time when BNPL is filling a critical gap in credit access. SPayLater’s nationwide “Fikir Sekarang, Bayar Kemudian” survey, based on over 40,000 responses, paints a telling picture: a significant number of Malaysians had previously turned to informal lenders, pawn shops, or family and friends for urgent cash needs.
Since adopting BNPL, 63% of these users have shifted away from those risky alternatives. With 59% saying access to credit is vital for everyday necessities like baby formula, medical bills, or insurance renewals, BNPL is rapidly becoming a financial lifeline for the underbanked.
Another BNPL survey conducted by the CCOB highlighted usage patterns and how it is considered an easy-to-manage financial product:
Yet, as BNPL becomes embedded in everyday life, questions are emerging about how far the model should go. While some applaud its accessibility and flexibility, others are concerned about the psychological shift it may cause in consumer spending, especially for under-30s.
New offerings are also emerging. Atome has launched a waitlist for its upcoming Atome Card, signalling a move towards deeper integration within traditional card infrastructure and possibly a step closer to becoming a broader digital credit platform.
Regulation will play a critical role in determining whether BNPL remains a responsible credit tool or drifts into exploitative territory. For now, with stronger laws on the horizon and growing consumer dependence, BNPL is evolving and Malaysia needs to ensure it does so responsibly.
Ultimately, however, it is also up to each user to use these tools responsibly and borrow with care, so that BNPL can remain a financial lifeline rather than turn into a debt trap.
FAQs
Is BNPL legal in Malaysia?
Yes, but most providers currently operate without regulatory oversight or licensing. This will change under the upcoming Consumer Credit Act.
Which is the best BNPL app in Malaysia?
SPayLater, Grab PayLater, and Atome dominate the market. The best one for you depends on your shopping habits and preferred platforms.
Will BNPL providers need a license?
Not yet, but soon. Once the Consumer Credit Act is enforced, all BNPLs must be licensed by the Consumer Credit Commission.
Are there Shariah-compliant BNPL options?
SPayLater is one of the top BNPLs in Malaysia which is Shariah-compliant.
What happens if I miss a payment?
You may be charged late fees or have your BNPL account suspended.
Featured image: Edited by Fintech News Malaysia, based on image by fadfebrian via Freepik