Malaysia Buy Now Pay Later Markets Report 2022-2028 - Insurance Platforms in Malaysia are Offering BNPL Services to Increase Market Share
Saturday, May 7, 2022
DUBLIN, April 28, 2022 /PRNewswire/ -- 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.
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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 across the country.
-- In another similar partnership with Citi Malaysia, Pine Labs launched a
BNPL feature that allows Citi's credit cardholders to split their
purchases into affordable monthly installments at zero interest.
Moreover, the BNPL transactions using the Citi credit card will allow
cardholders to earn reward points, cash back, or premier miles through
the 0% Easy Pay Plan.
Insurance platforms in Malaysia are offering BNPL services to increase market share
The use of deferred payment services is growing across sectors. From fashion to electronics, travel, and now insurance, the demand is only increasing among consumers. As a result, businesses across different industry verticals are launching the BNPL payment method.
-- In October 2021, Bjak, the insurance platform in Malaysia, announced
that the firm is offering BNPL payment options. The firm that has 15
insurance brands on its platform announced that the BNPL payment method
would allow car and motorcycle owners to split their insurance renewal
payments into three equal, zero-interest payments. For launching the
BNPL payment method for its customers in Malaysia, the firm has
partnered with Atome.
The publisher expects more businesses across industry verticals to launch the BNPL payment method for their customers over the next four to eight quarters, as the demand among consumers continues to grow in Malaysia.
Global BNPL firms are planning to launch their services in Malaysia in 2022
The Malaysian BNPL industry has become one of the most attractive markets in the Southeast Asian region. Consequently, global BNPL platforms are considering to extend their product offerings for consumers in the country.
-- In December 2021, Australia-based BNPL platform, Latitude, announced
that the firm is considering expansion of its product offerings to
consumers in Malaysia. The announcement from the firm comes at the time
when Latitude is projecting that the in-store and online payments in key
Asian markets, including Malaysia, are expected to grow.
-- In Singapore and Malaysia alone, the firm is expecting the BNPL market
to grow significantly by 2025. In these two Southeast Asian countries,
the firm is looking at the target market for bigger ticket installment
plans. Notably, in New Zealand and Australia, the firm has partnered
with 5,000 merchants.
Scope
Malaysia BNPL Market Size and Spending Pattern
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
Malaysia Buy Now Pay Later Operational KPIs
-- Buy Now Pay Later Revenues, 2019 - 2028
-- Buy Now Pay Later Share by Revenue Segments
-- Buy Now Pay Later Merchant Commission, 2019 - 2028
-- Buy Now Pay Later Missed Payment Fee Revenue, 2019 - 2028
-- Buy Now Pay Later Pay Now & Other Income, 2019 - 2028
-- Buy Now Pay Later Accounts, 2019 - 2028
-- Buy Now Pay Later Bad Debt, 2019 - 2028
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
Malaysia Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
-- Online Channel
-- POS Channel
Malaysia Buy Now Pay Later in Retail Shopping: Market Size and Forecast
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
Malaysia Buy Now Pay Later in Home Improvement: Market Size and Forecast
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
Malaysia Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
Malaysia Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
Malaysia Buy Now Pay Later in Other: Market Size and Forecast
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
Malaysia Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
-- Buy Now Pay Later Sales Uplift by Product Category
-- Buy Now Pay Later Spend Share by Age Group
-- Buy Now Pay Later Gross Merchandise Share by Income
-- Buy Now Pay Later Gross Merchandise Value Share by Gender
-- Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis
For more information about this report visit https://www.researchandmarkets.com/r/3umq8q
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