Looking to buy your favorite mobile phone without putting a dent in your budget? Installment allows you to spend smartly. Especially with Buy Now, Pay Later (BNPL) , dividing your lump-sum expenses into staggered payments will help you stay on top of your financial game.
BNPL services give you the much-needed monetary flexibility that you are almost certainly bound to lose otherwise. With BNPL, you’ll convert the lump-sum amount into easy monthly installments such as Samsung installment plans or iPhone plans!
Best BNPL Websites for Mobile Instalment Plans in Malaysia
When you make a BNPL transaction, a BNPL provider will buy the item from the merchant, and then you will pay the BNPL provider in installments. The good news: most BNPL providers don’t conduct credit checks or charge you any interest or hidden fee.
If that sounds good, here is a list of 5 of the best websites that offer “buy now pay later” services in Malaysia, so you can snap up your favorite mobile phone without burning a hole in your pocket.
1. Atome
Founded in 2019, today Atome is one of Asia’s largest Buy Now Pay Later service providers. This platform gives you a headstart. They call their installment plans “empowered shopping,” where you are in control.
How does Atome’s BNPL approach work for mobile installment plans?
- In just three simple steps, Atome makes payments affordable, straightforward, and effortless.
- Get the Atome app. It is available for download via Google Play or the App Store.
- If you’re shopping for a phone online, pick Atome during the checkout. However, if you are at a participating offline store, you can simply scan Atome’s QR code at the cashier.
- The next (and final) step is to make the payment.
- Atome will automatically divide your bill into 3 equal installments.
- You will have to pay the first installment at the point of purchase, while the next two installments will be spread 30 days apart. The best part is that Atome stipulates no interest or hidden charges.
As an added convenience, not only can you buy a mobile phone with easier payment mechanics, but you can also track the status of your payment schedule under the “Bills” section in your Atome app.
2. PayLater
PayLater is a BNPL service launched by Grab — a startup founded in 2012 in a tiny rented storage space in Kuala Lumpur, which is now Southeast Asia’s largest mobile technology company!
They offer two ways to make payments. The first option allows you to split a large sum into four monthly instalments, whereas the second alternative enables you to pay off all your bills in a consolidated, one-time payment that needs to be made 30 days later.
How does PayLater’s BNPL approach work for mobile installment plans?
- KTS Cellular, the most trusted online store in Malaysia for mobiles and gadgets, lets you buy high-end phones of brands like Samsung using the BPNL services of PayLater by Grab whereby you’ll be entitled for the Samsung instalment plans.
- Just visit the KTS Cellular Samsung Official store, choose a phone, and select PayLater by Grab upon checkout to split the cost of your phone into four easy instalments (i.e Samsung instalment or iPhone plans)
- Better yet, you will only pay the cost of your phone. No interest, fees, hidden charges, or upfront cost will ever be asked for.
Thought the latest Samsung Galaxy was beyond your pocket’s dominion? With PayLater and KTS Cellular, we are sure that is no longer the case!
3. myIOU
myIOU is a Buy Now Pay Later service by IOUpay. It was created to encamp the ever-expanding cashless market in Malaysia and South East Asia.
How does myIOU’s BNPL approach work for mobile installment plans?
- When shopping online for mobile phones, select myIOU during checkout, or simply scan the QR code with your myIOU app if you’re at an in-store merchant.
- After confirming the transaction details, depending on the merchant, you may be asked to make an initial payment. The rest of the total purchase balance will be split into monthly installments.
- The installments will be automatically deducted from the debit/credit card bound to your myIOU app, which means fewer hassles for you!
The parent company of myIOU — IOUpay has more than 20 years of experience in digital payments and mobile banking, and they process about 5 million transactions every week. This makes myIOU one of the most credible BNPL services out there!
4. Hoolah
Established in 2018, Hoolah is a Singapore-based startup that has made its services available in Malaysia since 2019. With Hoolah, you can get what you need now by paying just one-third of the total sum upfront — the rest can be split into monthly installments.
How does Hoolah’s BNPL approach work for mobile installment plans?
- While purchasing a phone online, you can choose Hoolah as your preferred payment method. Yes, that includes Samsung installment plans or iPhone plans too.
- Use your debit or credit card to pay 1/3rd of the total amount upfront. The remainder will be divided into two equal payments that need to be paid 30 days and 60 days later, respectively.
- The funds to pay the two installments will automatically be debited from your debit/credit card — so just sit back and enjoy your new mobile phone!
In 2020, Vulcan Post published an article that featured Hoolah among the top 10 startups that are “potential unicorns.” Why? Because it is reliable and extraordinarily user-friendly. You can check it out on both: Google Play and App Store.
5. PineLabs
PineLabs is a legit unicorn company, with its valuation reaching over US$3.5 billion! Founded in 1998, this Indian merchant platform provides financing and last-mile retail transaction services that are primarily offline.
How does PineLabs’ BNPL approach work for mobile installment plans?
- Choose your favorite mobile phone at a PineLabs PoS (Point of Sale) terminal — that is, a merchant that uses PineLabs’ Pay Later service.
- When checking out, you will be allowed to split your bill on the spot. The bill will be divided as per your preferred plan, which can be selected from a variety of available options.
- Equal monthly installments will automatically be deducted from your debit/credit card.
Pine Labs works with some of the most well-established banks — including Affin Bank, AmBank, CIMB Bank, and RHB Bank to name a few. It is one of the more established BNPL services out there, and is certainly worth your consideration the next time you are buying a mobile phone.
The Buy Now Pay Later transaction system makes your expensive mobile phone purchases simple, uncomplicated, and pocket-friendly. While the particulars slightly differ for each BNPL service provider mentioned above, at the core they all offer the same function — to eliminate payment inflexibility, alongside empowering you to choose from a broader range of mobile phones.
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