In the face of the rising cost of living, many Malaysians are choosing to use Shopee's 'buy now, pay later (BNPL)' or SPayLater service to buy basic necessities such as baby milk, medical costs and insurance.
According to a study by Shopee, the majority of users use the facility to manage cash flow (57%), deal with emergencies (32%) and cover expenses (46%) rather than buying luxury items.
Furthermore, the study revealed that almost 59% of respondents rely on credit to buy everyday items, while 55% have no access to credit other than BNPL.
SPayLater is able to help 95% of users manage debt and 42% revealed that the application is able to manage finances well.
Furthermore, a total of 2% of customers expressed concern about having to rely on short-term credit facilities to cover basic daily needs.
Most individuals also expressed hope that the initiative can be used in major locations, especially supermarkets, clinics and home goods stores.
Using SPayLater also plays a role in reducing users' dependence on illegal loans, pawn shops and loans from family members.
