Shopee’s Buy Now Pay Later will start charging a 1.5% monthly fee.
According to Shopee’s website, Buy Now Pay Later will start charging a 1.5% monthly fee on October 17, 2022.
Previously, users did not have to pay any fees when using Buy Now Pay Later, as long as they paid the outstanding amount within the first month.
For those who choose to pay in 2, 3, 6 and 12 month installments, a monthly fee of 1.5% will be charged previously and from October 17.
The 1.5% fee is calculated based on the total amount of the product or each transaction, if the product purchased is RM10, then it is RM0.15. Although RM0.15 is not much, but it is still a significant fee.
At 1.5% a month, the fee is actually 18% for 12 months.
In order to make SPayLater compliant, Shopee has changed the late bill payment fee in July this year, before the late bill payment will be charged 1.50% penalty, now the late bill payment will only be charged RM10 penalty and the SPayLater account will be frozen.
