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Gen Z's Embrace of Buy Now Pay Later: A Financial Revolution

Gen Z's Embrace of Buy Now Pay Later: A Financial Revolution

The article explores how Gen Z in Malaysia has revived the Buy Now Pay Later (BNPL) concept, transforming it into a preferred financial tool with a digital twist. Initially a pandemic necessity, BNPL has grown significantly, with 77.3 million transactions worth RM6.2 billion recorded in 2023 alone. This trend reflects Gen Z's values of transparency and immediacy, as they increasingly turn to platforms like Shopee, Grab, and Atome for seamless payment experiences. Unlike traditional credit systems, BNPL offers easier access with minimal credit checks, allowing young consumers to budget more effectively. However, the rapid adoption raises concerns about over-utilization among lower-income users. While BNPL accounts for only 0.07% of total household debt, its growth necessitates careful regulation and consumer education to ensure responsible lending practices. The article emphasizes the need for a balance between innovation and consumer protection as BNPL becomes integral to the financial habits of young Malaysians.

Read the full article here.

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