Buy Now Pay Later in Malaysia 2026: Why 1.5% Can Mean 12%, and Why BNPL Is Now Regulated
Two of Malaysia's biggest buy now pay later services quote the same headline number, 1.5 per cent, and it means two different things. On PayLater by Grab that 1.5 per cent is charged on each instalment and calculated on the whole transaction, so an eight-instalment plan costs 12 per cent of what you bought. On SPayLater it is 1.5 per cent a month. Both charge a flat RM10 when you miss a payment. SPayLater's page still says BNPL is not regulated by Bank Negara Malaysia, and that line is now badly out of date: the Consumer Credit Act 2025 came into force on 1 March 2026 and BNPL providers must be licensed by the Suruhanjaya Kredit Pengguna. Its Conduct Standards also prohibit the flat-rate pricing that produces the 12 per cent. We read all three providers' pages and the regulator's own instruments on 8 September 2026.
