MOF: M’sians Owed RM82 MILLION in ‘Buy Now Pay Later’ Loans As of Dec 2024, Most Users Earn Below RM5,000/Mth

The Ministry of Finance (MOF) recently revealed the latest data on ‘Buy Now Pay Later’ (BNPL) in Malaysia, which provided some interesting insights into the spending habits of consumers in our country.

Speaking in the Dewan Negara on Tuesday (11 March), Finance Minister II Datuk Seri Amir Hamzah Azizan asserted that in 2024, a whopping RM12 billion in BNPL transactions were recorded in Malaysia. 

5.1 million consumers in Malaysia performed RM12 billion in BNPL transactions last year

Datuk seri amir hamzah azizan

Specifically, BNPL transactions in the first half of last year stood at RM4.9 billion and surged to RM7.1 billion over the next 6 months for a total of RM12 billion in 2024. He added that there are currently twelve companies offering BNPL services in our country.

Amir Hamzah further revealed that as of December 2024, there were 5.1 million active BNPL users in Malaysia, with a majority of them aged between 21 and 45, earning below RM5,000 per month. 

The Finance Minister II provided the data when responding to a couple of questions by Senators during a question-and-answer session in Parliament.

BNPL loans stood at RM2.8 billion as of December 2024, RM82.6 million of which were outstanding

For illustration purposes

When questioned about rising concerns about the growing use of BNPL, Amir Hamzah said that the overall increase in transactions remains manageable.

He asserted,

“As of December 2024, BNPL loans stood at RM2.8 billion, which accounts for only 0.2% of total household debt in the country.

“Meanwhile, outstanding BNPL loans remained under control at RM82.6 million, or 2.9% of total BNPL credit,”

For illustration purposes

Besides that, Amir Hamzah elaborated that MOF had tabled the first reading of the Consumer Credit Bill in the Dewan Rakyat on 4 March.

This bill is part of the Government’s efforts to enhance consumer protection in the credit sector as it would establish a comprehensive regulatory framework for non-bank credit providers.

Watch the Finance Minister II’s statement here:

So, what do you guys think of the data on BNPL in Malaysia? Comment down below and stay tuned to WORLD OF BUZZ for the latest viral news and social stories.

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