KUALA LUMPUR: The Asean Fintech Group has launched its first Buy Now-Pay-Later (BNPL) platform in Malaysia, called PaySlowSlow.com.
As a web and mobile-based platform, PaySlowSlow (PSS) aims to give Malaysian shoppers greater control as well as growth opportunities for businesses to give better shopping experience. With PSS, users can purchase products and experience a worry-free instalment plan.
"To unlock growth opportunities for businesses, we want to be the bridge between our merchants and users. As a result of the global pandemic, we have seen a significant shift to digital means in the retail landscape and consumer spending behaviours. At PaySlowSlow.com, we believe that everyone should have an option to manage their money better and spend with more purchasing power, control and flexibility," said PaySlowSlow.com's general manager, Chin Koay Wei.
Malaysia is the first stop for The Asean Fintech Group's (AFG) BNPL platform. Plans to expand to other parts of the Southeast Asia region in the coming months are underway.
To date, over 500 merchants ranging from 5-star conference resorts such as Bangi Resort Hotel to Ai home - a smart personal and home technology retailer have registered as PSS merchant partners. Currently only available in Malaysia, PSS users can shop online or at partners' physical stores and split their purchases into four interest-free equal payments.
Speaking at the official launch event held in Bangsar, Asean Fintech Group's executive director, Lau Kin Wai, said that the platform is in line with the AFG's vision to build a multi-vertical fintech value chain.
"PaySlowSlow is an example of how we build a synergistic value for consumers and SMEs that use the services of the AFG Group of companies. By cross-partnering our payment gateway, BetterPay, with BNPL business PaySlowSlow, we value-add to our customers," he said.
HOW IT WORKS
PaySlowslow aims to ease consumer financial burdens as well as help to provide access to credit to the underbanked and unbanked in Malaysia.
"We see the trend of Buy-Now-Pay-Later services picking up momentum in Malaysia, and this is an opportune time for us to launch PaySlowSlow.com in Malaysia," said Lau adding that within the three months since the platform went live, they have more than 3000 registered shoppers with most of them are in the age bracket of between 25 to 35 years old.
With a minimum transaction of RM100, shoppers can request for the zero per cent interest plan by informing PSS' merchant partners. Upon approval, the first payment will be made to the merchant and the other three payments will be deducted from the shopper's registered account in 30 days intervals.
On the other hand, for interested merchant partners, to onboard the PSS platform, merchants will first need to fill up a digital application form.
Once the application is well received, PSS will send a Digital Service Agreement. Once signed, the onboarding process is completed.
Successful onboard will then receive an e-Welcome kit which include a personalised QR code, standee and a banner to be placed in partner's store.
To safeguard both the merchants as well as shoppers, PSS is equipped with an automated fraud detection system where any suspicious transactions will automatically be suspended.
Complementing the offline marketing efforts, PaySlowSlow.com offers merchants an additional avenue via the PaySlowSlowShop online e-commerce store, which will feature monthly exclusive deals and money-saving promotions curated for PaySlowSlow shoppers.
Users who select online checkout at PaySlowSlowShop can take advantage of the extra discounts only available on the store.