KUALA LUMPUR: IOUpay, a fintech and digital commerce company, has launched myIOU, a buy now, pay later (BNPL) service designed to accommodate the ever-growing cashless market in Malaysia and Southeast Asia.
Chief executive officer Khong Kok Loong said the service is offering both retail and e-commerce merchants flexible payment options for their in-store and online consumers.
“The expansion into the BNPL segment enables us to help merchants to elevate their business to greater heights through increased sales conversions and reduced abandoned cart rates while giving the consumers greater spending power and lifestyle choice, empowering them to become smart users of BNPL,” he said at the service’s virtual launch today.
He said with myIOU, consumers could get more out of their budget by splitting their purchase into two, three or six monthly payments at zero interest.
He added that there are currently more than 300 online and in-store merchants on myIOU.
Chief marketing officer Calvin Yeap said Malaysians aged 18 years and above with access to any local credit or debit card could sign up with the service and receive instant credit approval of RM1,000 for purchases from IOUpay approved merchants.
In conjunction with the launch, IOUpay is also introducing myIOU Credit+ and myIOU Merchant+.
Yeap said myIOU Credit+ allows existing myIOU consumers to sign up for an increased credit limit of up to RM10,000 while myIOU Merchant+ offers myIOU merchants the ability to provide an additional credit limit of up to RM10,000 to eligible myIOU Credit+ consumers for a one-time purchase.
Meanwhile, Yeap said in line with its commitment to provide seamless digital payment experience through myIOU, IOUpay has established strategic partnerships with leading industry players including EasyStore Malaysia, GoBiz, MYP1 and Razer Merchant Services.
He added that through these strategic partnerships, IOUpay has built a potential market base of over 75,000 merchants to be enabled with myIOU. – Bernama