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KUALA LUMPUR (March 22): Payment solutions provider GHL Systems Bhd has partnered with fintech company Split to offer a Buy Now Pay Later (BNPL) service for its business base in Malaysia.
This new service will allow companies to offer their clients installment payments with a put option of up to three monthly installments, the group said today in a statement.
“BNPL is a payment solution that is rapidly growing in popularity in many developed markets, but it is still relatively new to Asean and is expected to grow in popularity,” said GHL.
Purchases made with up to three interest-free monthly installments will be instant approval, the group said, adding that the BNPL solution is expected to begin testing at select merchants later this month.
GHL said the partnership, which aims to benefit both merchants and consumers, will help drive sales and improve cash flow as merchants receive full advance payment from Split.
Consumers, on the other hand, can make installment payments with any debit or credit card from any local bank.
GHL said the service is free to consumers with no interest, late fees, finance charges or any other hidden fees, making the purchase affordable and leading to higher sales conversion for the merchant.
“GHL is pleased to launch this BNPL option to our merchant base in partnership with Split. BNPL will allow our merchants to sell larger ticketed items as their customers will have the option to budget for their purchase in interest-free installments to make it more affordable, ”said Sean S Hesh, CEO of GHL Group.
“This affordability is timely due to the impact of the Covid-19 pandemic that has affected employment and income earning capacity for many. We hope that this new solution will be beneficial both for our merchants to generate higher sales and to help their customers meet their needs, “he added.
Dylan Tan, Co-Founder and CEO of Split, said: “The past year has been difficult for many Malaysian and Malaysian companies. As many continue to struggle to make ends meet, business owners face challenges of their own, being cash flow, strong lead generation, and the ability to scale just a few of the more common pain points. “
“We are proud to partner with GHL to provide all parties involved with a win-win solution, thus ensuring that both merchants and consumers receive the support they need as Malaysia struggles to recover from the Covid-19 pandemic and transform. in a digital world. high-income, driven nation, “Tan added.
GHL shares closed one sen or 0.58% lower at RM1.70, valuing the group at RM1.94 billion. Over the past year, the accountant has earned 95% of 87 sen.
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