Four in five Malaysian SPaylater users rely on BNPL for emergencies, survey shows

Malay Mail

22-05-2025

KUALA LUMPUR, May 21 — A staggering 81 per cent of Malaysian Buy Now Pay Later (BNPL) users used SPayLater to help them through difficult times or financial shocks, according to a survey of over 40,000 users nationwide.
ShopeePay's Fikir Sekarang, Bayar Kemudian survey revealed that users commonly turn to BNPL services for essential emergency purchases including baby milk formula, medical expenses, vehicle and home appliance repairs, and insurance or Takaful renewals.
Additionally, 59 per cent of respondents see access to such credit services as essential for spending on necessities in the modern Malaysian economy, highlighting the critical role these services play in daily life.
The study found that 63 per cent of users who previously resorted to informal lending methods, including pawn shops and unlicensed lenders, no longer need these risky alternatives after using SPayLater.
Traditional banking appears to be failing many Malaysians, with 12 per cent feeling their credit needs are underserved by banks, while 18 per cent either lack access to or do not utilize banking services at all.
More than half (55 per cent) of respondents admitted they lack access to credit beyond SPayLater and other BNPL products, revealing a significant gap between credit accessibility and rising living costs.
Cash flow management drives primary usage patterns, with 57 per cent using SPayLater to better manage their finances, while 46 per cent use it to bridge budget gaps until their next salary payment.
Emergency spending accounts for 32 per cent of BNPL usage, while 10 per cent of users rely on the service to fund their small business operations.
From the results, responsible usage patterns emerge clearly, with 93 per cent of users pre-planning their monthly budgets to include SPayLater repayments, treating them 'similarly to monthly utility bills.'
The service appears to improve financial management skills, as 89 per cent feel it has helped them manage their budget more effectively, while 95 per cent believe it has enhanced their debt management abilities.
The trends were consistent with declining national BNPL delinquency rates, which dropped from 5.3 per cent in 2023 to 2.6 per cent in 2024 according to Consumer Credit Oversight Board data.
ShopeePay did not disclose the methodology used for the survey or when polling was conducted.
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