PayLater is a payment method that allows users to pay for purchases the following month or in four monthly instalments.
PETALING JAYA: E-payment solutions provider Revenue Group Bhd has joined arms with Grab Malaysia in the creation of their new application PayLater by Grab as an in-store payment for its merchants.
PayLater will allow users to make purchase and pay for them either the following month or in four monthly instalments, without any interest, upfront costs of fees so long as payments are made on time.
Revenue Harvest Sdn Bhd CEO Loo Tak Kheong told that this facility has already been rolled out in the market. “We see synergies in this marriage as it allows either party to leverage on each other’s strengths.
“This will provide consumers with an additional payment method that improves their cash flow when they are shopping for higher value items as the purchases can be fractionalised into smaller amounts over a specific period,” Loo said.
Apart from that, Loo believes this is also a positive development for merchants as this may stimulate sales without extra processing or application cost.
Grab Malaysia’s payments, e-commerce and insurance head Lim Teen Ming said, “It’s important for us to work with like-minded partners to enhance the shopping experience, especially for in-store.
“By leveraging Revenue Group’s wide merchant base, we are able to strengthen our omnipresence and offer Grab users in Malaysia flexible payment options to shop for their needs responsibly whilst earning GrabRewards,” he added.
Revenue Group provides fully integrated payment platforms for businesses in Electronic Data Capture (EDC) terminals, electronic transaction processing (ETP) and solutions & services.
