The platform enables its users to split their purchases into 4 interest-free equal payments at over 500 both online and physical merchant partners, ranging from 5-star conference resorts such as Bangi Resort Hotel to Ai home - a SMART personal and home technology retailer among others.
Image Source: PaySlowSlow Official Website
Integrated with BetterPay, PaySlowSlow’s 0% interest buy-now-pay-later platform also allows for greater inclusion for non-credit cards users as they can now select between credit and debit cards as a payment method. The debit card option allows the user to manage their money better to avoid high-interest rates on credit cards.
This helps in providing an access to credit to the underbanked and unbanked in Malaysia, which makes up 55% of the population that has limited access to purchasing goods and services with instalment payment.
In addition, first-time users will receive RM15 when they sign up as a PaySlowSlow user now.
Image Source: In Charge Debt Solutions
Additionally, merchants on the PaySlowSlow platform can also enjoy a risk-free experience with just an upfront payment of the sale, no sign-up fees and registration costs. To add, marketing support is extended to all merchants through curated marketing campaigns aimed at driving traffic and improving sales conversion to their business. However, a transaction fee will be collected upon successful sales via the platform.
Until 31st December 2021, Beauty & Travel category merchants who sign up for PaySlowSlow.com will receive a bonus rebate of RM2,000 to offset transaction fees within the first 3 months of onboarding. Do note that this is only applicable to the first 50 merchants under the Beauty & Travel category. For more information, visit their website to register your interest.
Complementing offline marketing efforts, PaySlowSlow.com also offers merchants an additional avenue via the “PaySlowSlowShop”, its online e-commerce store, which will feature monthly exclusive deals and money-saving promotions curated for the PaySlowSlow shopper. Users who select online checkout at the PaySlowSlowShop can take advantage of the extra discounts which are only available in the store.
“We see the trend of BNPL services picking up momentum in Malaysia, and this is an opportune time for us to launch PaySlowSlow.com in Malaysia. In line with the AFG 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.” said Kin Wai Lau, Executive Director, ASEAN Fintech Group.
Koay Wei Chin, General Manager PaySlowSlow.com, added, “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.
Currently, Malaysia is the first stop for The ASEAN Fintech Group’s BNPL platform. Plans to expand to other parts of the Southeast Asia region in the coming months are underway.
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