ShopBack Malaysia has discontinued its PayLater ‘BNPL’ (Buy Now Pay Later) service, effective from the end of this month. Customers of ShopBack PayLater in Malaysia received notifications about this service termination via email recently.
As per the notice, ShopBack PayLater, which offered the convenience of payment in 3 monthly instalments, will cease to be available from Friday, 22nd March 2024. However, ShopBack customers can still enjoy cashback rewards when they shop and make payments through other services such as ShopBack Pay (full payment) and online cashback.
Furthermore, all cashback earned from previous transactions, including PayLater, will remain accessible for use or withdrawal to bank accounts.
Existing ShopBack PayLater customers with a good repayment history can continue using the PayLater payment option until 21st March 2024. After this date, the BNPL feature will be discontinued. Nevertheless, users can still make payments and earn rewards using ShopBack Pay at most merchant partners.
On the other hand, users who have never activated or utilised ShopBack PayLater will not have access to the BNPL service, effective immediately.
All outstanding instalment payments must be settled on time after 22nd March 2024. ShopBack advises users to ensure they have a valid payment method saved in their ShopBack account to avoid late fees for overdue payments. Users also have the option to settle outstanding payments early by selecting the “Pay Now” option.
Users will only be able to remove their default payment card once all outstanding PayLater instalments are settled in full.
ShopBack PayLater was introduced in Malaysia in July 2022 as part of its brand update, enabling users to split payments into three instalments with no interest. This BNPL feature was rolled out after ShopBack acquired Hoolah in November 2021.
In addition to Malaysia, the PayLater feature has also been discontinued in Singapore. According to The Business Times, ShopBack states that the decision to shut down PayLater is part of its routine evaluation of business units. The move to discontinue PayLater in Singapore and Malaysia aligns with ShopBack's strategic focus on sustainable business models with strong growth potential.