IOUpay, a fintech and digital commerce company, has launched its new offering, myIOU, a Buy Now Pay Later (BNPL) service that is designed to accommodate the ever-growing cashless market in Malaysia and South East Asia (SEA) by offering both retail and e-commerce merchants flexible payment options for their in-store and online consumers.
The IOUpay expansion into the BNPL segment aims to help merchants elevate their business to greater heights through increased sales conversion and reduced abandoned cart rates while giving the consumers greater spending power and lifestyle choice, empowering them to become smart users of BNPL.
Khong Kok Loong, Chief Executive Officer, IOUpay, said, “At the heart of our business is the unwavering commitment to provide seamless digital transactions experience and become a financial companion to our consumers and merchants. We are taking that commitment a step further with the launch of myIOU.”
With myIOU, consumers can get more out of their budget by splitting their purchase into two, three or six monthly payments at zero-interest. Malaysians aged 18 years and above who have access to any local credit or debit card can sign-up with myIOU and receive instant credit approval of RM1,000 for purchases from IOUpay approved merchants.
To date, there are more than 300 online and in-store merchants on myIOU. Some of the prominent merchants on myIOU are Aone Plus, Buffalo Malaysia, LiveIn, Loop on Leith Hotel, smartrental.asia, Teppanyaki Malaysia and Tsukiji No.18.
Meanwhile, the National President of the SME Association of Malaysia, Michael Kang Hua Keong said “It is crucial that SMEs accept that the way of doing business has changed over the years and companies that did not want to adapt to digital business would continue to lag behind.”
“The introduction of myIOU, a new Buy Now Pay Later Service by IOUpay will further help our SMEs in their digitalisation journey. I believe that this introduction will help SMEs to provide better flexibility to their customers, and therefore impact their margins and business sustainability,” he added.
As part of its launch promotion, myIOU will give instant discount of RM10 for new user’s first transaction using “MYIOU10” voucher code and referral reward of MYR5 for every successful referral to friends and family.
For merchants, myIOU offers zero sign-up promo with waiver of one-time setup fee and first year annual maintenance fee worth RM1,000 with reduced merchant discount rate (MDR). Special launch offers are for a limited time only.
IOUpay has also established strategic partnerships with industry players, Easystore, GoBiz by U Mobile, MYP1 and Razer Merchant Services as key launch partners.