TikTok has recently launched TikTok PayLater which is a Buy Now Pay Later service. The feature was introduced on 28 October 2024 and is provided in extended installments. Payday credit can free maximum credit limits that are granted based on the income and occupation of verified users.
Unlike Atome which allows the payment to be done within the next six months, TikTok PayLater offers installments of up to 12 months. The one-month plan contains no installment fees, which gives the users flexibility when making payments. Also, users are allowed to pay bills starting from the 41st day, after placing the order.
Official information on interest rates and fees connected with BNPL on TikTok is also absent. However, even after an attempt to reach out to TikTok, this platform did not provide more details on TikTok PayLater. This is the reason why this particular feature has not been implemented in a hundred percent of Malaysia.
As of now, Malaysia has 3.7 million active BNPL users majoring those who are 21 to 45 years of age. The government intends to have BNPL providers under the new Consumer Credits Act which is expected to rise soon. This legislation should safeguard clients using no conventional banks structured credit systems like TikTok PayLater.
The Nikenko TikTok PayLater offers Malaysians a flexible payment option for their shopping on the internet indulgence. But users can get longer installments and also can get improved financial management tools. Still, some information regarding interest rates and fees is important to potential users.
