KUALA LUMPUR, Oct 17 — If you’ve been shopping regularly on Shopee, you would have probably used SPayLater, a Buy Now Pay Later feature which allows you to shop now and pay later. Shopee Malaysia has announced that it will start charging a processing fee of 1.5 per cent for its SPayLater payment option starting today, 17th October 2022. As a result, Shopee users who intend to use Shopee Pay Later and pay in full the next month will incur extra charges.
Based on the notice, the 1.5 per cent processing fee will be charged at 1.5 per cent per month on the total payment amount starting today. The 1.5 per cent processing fee is also applied monthly on the total payment amount if you choose to pay via monthly installments. If you miss the payment due date, your SPayLater account will be frozen and you’ll need to pay a late fee of RM10. Depending on your billing cycle, the SPayLater due date falls on either the 10th or 1st of every month.
As shown in the example screenshot above, if you buy an item worth RM136, it will now cost you RM138.04 if you use Buy Now Pay Later without installments. That’s equivalent to a 1.5 per cent charge. If you don’t want to incur extra charges, you’ll have to pay in full using other payment channels such as credit card, debit card, online banking or via ShopeePay eWallet. Depending on the transaction amount and retailer, you could still opt for credit card installment with 0 per cent interest on selected cards.
At the time of writing, it appears that the 1.5 per cent processing fee isn’t applied yet. When we try to purchase a Xiaomi 12T priced at RM1,999, the SPayLater feature is still showing RM1,999 for 1x month installment. At the moment, extra interest charges are only applicable if you select the installment option with 2 or more months. Based on the amount shown above, SPayLater currently charges 2.5 per cent interest for 2x month installhttps://soyacincau.com/ments, 4.05 per cent interest for 3 months and 9 per cent interest for 6 months. If the 1.5 per cent fee comes into effect, customers will have to pay RM2,028.99 for the 1x month option. — SoyaCincau
