ShopBack, a shopping and rewards platform, revealed that it will be discontinuing its Buy Now, Pay Later (BNPL) service effective from 22 March 2024 in Singapore and Malaysia. This decision will affect both online and in-store transactions across its network of PayLater merchants.

The ShopBack PayLater service was initially launched in July 2022 in both countries following the company’s acquisition of BNPL provider hoolah το Νοέμβριο 2021.

Despite the cessation of the PayLater option, Κατάστημα assured its users that other services provided by the platform would remain unaffected.

Customers can continue to earn cashback on online purchases, use ShopBack Pay at selected merchants, and purchase vouchers or gift cards.

Additionally, any accumulated cashback, including from PayLater transactions, will remain accessible for use or withdrawal to bank accounts.

For existing users of ShopBack PayLater with a good repayment history, the service will still be available for use until 21 March 2024, allowing purchases at participating stores until that date.

However, new users or those who have not previously utilised the PayLater service will find access immediately restricted.

Regarding outstanding installments, ShopBack has emphasised the importance of timely repayment to avoid late fees. Users wishing to make early repayments can do so through the ShopBack app.

The company also stated that Malaysian users would retain access to their transaction history through the app and the ShopBack website, in compliance with the country’s Personal Data Protection Act.

ShopBack expects merchants to fulfill all orders made through the PayLater service. In cases where issues arise with order fulfillment, customers are encouraged to contact the merchant directly or seek assistance from the Consumer Forum of Malaysia.

For orders refunded after the service ends on 21 March 2024, ShopBack said that it will be processing such refunds, which will be issued according to the original payment method.

The platform also clarified the procedure for users wishing to delink their default PayLater card, noting that at least one payment card must remain linked to their account until all outstanding installments are settled.

Customers seeking further assistance or information can contact ShopBack via their γραφείο βοήθειας.

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• πηγή: https://fintechnews.sg/89532/lending/shopback-to-end-bnpl-service-in-singapore-and-malaysia-by-22-march/