PAYLATER, a home-grown company, is on a mission to not only provide to the underserved, but to also educate the public about responsible spending.

The concept is simple — users just need to download the PAYLATER app and create an account. While shopping, they should look out for partner merchants that offer checking out with PAYLATER. Once the purchase is made, the first instalment will be processed immediately and the remaining instalments will be deducted every 14 days through the user’s preferred payment method.

PAYLATER has been gaining momentum in the “buy now, pay later” market, with growth in app downloads, merchant acquisitions and responsible spending users since its launch last November. The app provides flexibility in payment, easing the financial burden of users by allowing them to manage their instalment tenure and shopping limit in-app.

PAYLATER founder Dexter Wong says, “Our (PAYLATER’s solutions) intention is to help boost the Malaysian economy especially during this Covid-19 pandemic crisis, where both users and businesses are affected. PAYLATER’s solutions allow users affordability in their purchases while micro, small and medium enterprises (MSMEs) gain more avenues to increase their sales.”

Co-founder Yoong Tan says, “We strive to provide a seamless experience for both consumers and businesses when using our PAYLATER app.”

Yoong and Wong have known each other for a long time. After graduating from university, the pair started small business ventures and thereafter, took up corporate jobs to gain experience. During their 9-to-5 stint, they had a good mentor who taught them a lot.

The idea of PAYLATER stemmed from an overseas trip when the two were on a break. They noticed a popular service called “Afterpay” and decided to bring the solution to Malaysia.

“Both of us have background experience in software development and artificial intelligence, so we sat down and thought about Malaysians and how they could benefit from such a service,” says Wong.

At the end of 2018, they quit their jobs and focused on developing PAYLATER with the aim of helping the underserved and unserved segment.

PAYLATER offers flexibility, accepting both debit and credit card payment methods, and has a set-up for direct debit. These make it easy for users to purchase items using zero-fee instalments. PAYLATER’s biggest challenge is that it is a fintech start-up, and does not have a proven track record or branding.

“A lot of SMEs were interested in our business model, but they had reservations that PAYLATER was a solution that would complement their businesses,” says Wong.

The pair worked on building their brand over time and launched PAYLATER in November 2020. Today, at least 70 merchants and brands are partnered and powered by PAYLATER.

At the current growth rate, PAYLATER expects to onboard more brands and merchants, big and small, by the end of 2021, for the benefit of users while doing its part to spur the Malaysian economy.

For more information, visit paylater.com.my or download the PAYLATER app.