Grab Malaysia has standardized the PayLater interest rate to 1.25% per month starting today. It will be applied to all new installment plans for 4, 8 and 12 months and it only involves transactions made today. Customers who previously used PayLater are still charged the 1% promotional rate that was introduced previously.
Grab said that this new rate was introduced to simplify and standardize the interest rate charged by PayLater across top-up transactions and in physical stores. This will also provide a more transparent and predictable experience for users. Grab added that this 1.25% rate will remain until May 31, 2026.. Users will be given prior notice if there are any changes after that date.
The PayLater service allows users to divide payments into installments on a BNPL basis. It was first tested in Singapore in July 2019 before being introduced in Malaysia in September 2019.
