KUALA LUMPUR: Bjak will be the first insurance platform in Malaysia with 15 insurance brands under its belt to offer a "buy now, pay later" (BNPL) option come Nov 1.
The BNPL payment choice enables car and motorcycle owners to split insurance renewal payments into three equal, zero-interest payments. The option will be made available on Bjak's website to all customers with no minimum amount or supporting document required.
"We are partnering with Atome, the leading BNPL provider in South East Asia to introduce a secure and flexible payment option for our customers. This partnership aims to make auto insurance renewal more accessible to the public especially during the post-pandemic period," said operations vice president Fatin Izzati.
The first payment will be made at the point of purchase using debit or credit cards issued by any bank. The following two payments will be spread 30 days apart automatically without any fees or interest.
"Users can choose to split the payments into three months, 6-month and 12-month options will be enabled in the next release," added Fatin.
Bjak offers five payment methods on its platform, which include debit card, credit card, online banking, cash via 7-eleven and credit card instalment plan in addition to the new payment option.