National Bank is concerned about overspending as “buy now pay later” has become the new consumption pattern and has suggested that the Ministry of Finance draft a consumer credit bill.
Previously only credit card holders could enjoy the benefits of “buy now pay later”, but now e-commerce and e-wallet platforms are also starting to offer buy now pay later services, allowing users to purchase goods upfront and then pay in instalments.
The public is urged to understand the terms and conditions before using “buy now pay later” services to avoid high interest charges for late payments. Shopee, Lazada and Grab are all currently offering “buy now pay later” services.
