TikTok PayLater: Convenient Installment Payments Now Available in Malaysia!

In a move that’s set to revolutionize online shopping in Malaysia, TikTok has launched its new PayLater service, allowing users to make purchases and pay in monthly installments. This exciting feature, is designed to make shopping more accessible and flexible for Malaysian consumers.

What is TikTok PayLater?

TikTok PayLater is a Buy Now, Pay Later (BNPL) service that enables users to split their purchases into monthly installments over a period of up to 12 months. This means you can shop now and pay later, without the need for upfront payment1. The service is available for purchases made on TikTok Shop, with eligible customers able to apply for a credit limit of up to RM 10,000.

How Does TikTok PayLater Work?

1. Application: To use TikTok PayLater, you’ll need to apply through the TikTok app. During the application process, you’ll be asked to provide details such as your occupation and monthly income1. You’ll also need to have valid identification.
2. Approval: Once your application is reviewed and approved, you’ll be assigned a credit limit based on the information you provided. This credit limit can be used for purchases on TikTok Shop1.
3. Shopping: When you find something you like on TikTok Shop, simply add it to your cart and proceed to checkout. You’ll have the option to use TikTok PayLater as your payment method1.
4. Installments: At checkout, you can choose the installment plan that suits you best, ranging from 1 month to 12 months. The total amount will be divided into equal monthly payments2.
5. Repayment: You’ll receive a monthly bill for the installment amount, which you can pay through the TikTok app. It’s important to make your payments on time to avoid any late fees or account freezes2.

Benefits of TikTok PayLater

• Convenience: With TikTok PayLater, you can shop without worrying about immediate payment, making it easier to manage your finances.
• Flexibility: Choose from a range of installment plans to suit your budget and payment preferences.
• No Upfront Cost: Enjoy the flexibility of paying over time without the need for upfront payment.
• Wide Range of Products: Use your credit limit to shop for a variety of products available on TikTok Shop.

Fees and Charges

TikTok PayLater charges a flat processing fee of 1.5% on the total order, regardless of the payment plan chosen. For example, if you purchase an item worth RM1,000, the processing fee will be RM152. There are no fees for the one-month installment plan, but for longer plans, the fee applies. Additionally, there is a minimum spending amount for each installment plan, ranging from RM1 for a one-month plan to RM12 for a 12-month plan2.

Examples of Using TikTok PayLater

1. Example 1: Sarah wants to buy a new smartphone worth RM2,000 on TikTok Shop. She chooses the 6-month installment plan2. Her monthly installment will be RM333.33, with a processing fee of RM30 (1.5% of RM2,000).
2. Example 2: Ahmad is looking to purchase a gaming laptop worth RM5,000. He opts for the 12-month installment plan2. His monthly installment will be RM417.50, with a processing fee of RM75 (1.5% of RM5,000).

Availability and Promotions

TikTok PayLater is currently available to select users in Malaysia, with plans to gradually roll it out to more users. To celebrate the launch, TikTok is offering exclusive discounts and rewards for early adopters. Be sure to check the TikTok app for the latest promotions and offers.

TikTok PayLater is a game-changer for online shopping in Malaysia, offering a convenient and flexible way to make purchases. With its easy application process, flexible installment plans, and attractive promotions, it’s the perfect solution for those who want to shop now and pay later. Don’t miss out on this exciting new service and start enjoying the benefits of TikTok PayLater today!