Are We Broke? M’sia Records 9.2 Million Active BNPL Account Holders, Nearly 40% of Transactions Made by Young M’sians

Ever added something to your online shopping cart, only to hesitate at the total before spotting the Buy Now, Pay Later (BNPL) option?

Well, it looks like plenty of Malaysians are making use of it. According to Berita Harian, citing the Ministry of Finance (MoF), Malaysia recorded 9.2 million active BNPL account holders as of 30 June 2026, a 22.7% increase from the previous period.

M’sians made RM14.7 billion worth of BNPL purchases in just 6 months

Figures released by MoF in a written parliamentary response showed that BNPL usage continued to rise in the first half of 2026.

The ministry was responding to a question from Bachok MP Mohd Syahir Che Sulaiman regarding the growing risks associated with consumer debt.

Data monitored by the Consumer Credit Commission (SKP) revealed that Malaysians made 173.9 million BNPL transactions worth RM14.7 billion during the first half of 2026.

This represented a 23.9% increase in transaction volume from the 140.4 million transactions recorded in the second half of 2025, while the total transaction value rose by 22.5%.

Meanwhile, outstanding BNPL balances reached RM6.6 billion, with RM220.4 million, or 3.3%, recorded as unpaid balances.

Nearly 70% of BNPL users are from lower-income groups

According to MoF, approximately 70% of active BNPL users were from lower-income groups.

Meanwhile, Malaysians aged 30 and below accounted for 37.9% of all BNPL transactions, making 65.9 million transactions worth RM5.4 billion in the first half of 2026, as separately reported by BERNAMA.

Of course, using BNPL doesn’t necessarily mean someone is struggling financially. Some Malaysians may simply prefer splitting their purchases into smaller instalments.

But the figures raise an interesting question:

Are Malaysians choosing BNPL because it’s convenient, or because paying the full amount upfront is becoming harder?

But what happens when those small instalments start adding up?

While BNPL makes purchases easier to manage, using multiple services could leave consumers juggling several repayments at once.

Under Malaysia’s Consumer Credit Act 2025, BNPL providers are subject to regulations aimed at protecting consumers and promoting responsible lending practices.

In addition, SKP is working with the Credit Counselling and Debt Management Agency (AKPK) and the Financial Education Network (FEN) to improve financial literacy among Malaysians.

With BNPL becoming increasingly common, the concern is whether consumers can keep up with their repayments, especially when several instalments fall due around the same time.

What about you? Do you use BNPL because it’s convenient, or because paying everything upfront is getting harder these days? Let us know in the comments!

Also read: Study: M’sians Spent RM12 Billion Using ‘Buy Now Pay Later’ in 2024, 73% of Users are from B40 Group