Shopee SPayLater Imposes 1.5% Processing Fee On One-Month BNPL Payment Plan

Alex Cheong Pui Yin

17th October 2022 - 2 min read

Shopee has updated the processing fees of its SPayLater service, now imposing a 1.5% charge even for its buy-now-pay-later (BNPL) payment plan where customers opt to pay off the full amount of their purchases in the following month. This revision will take effect starting from today (17 October 2022).

With this latest update, the processing fees and late charges for all SPayLater payment plans will follow the rates as shown below:

So as you can see, this means all Shopee users will now incur a standard 1.5% processing fee the moment they tap into the SPayLater feature. This is regardless of whether they choose to pay the full amount of their purchases in the following month (not in instalments), or in instalments of two to twelve months.

Prior to this revision, SPayLater users who choose to clear their BNPL payments in full in the following month were not required to pay any processing fees; only those who opted for SPayLater’s instalment plans will be hit with the 1.5% fee. As such, the feature offered a convenience that is similar to the interest-free period for credit cards, where users were able delay paying for their purchases for a period without incurring interest.

With this update, this perk is clearly removed for SPayLater. Meanwhile, the standard late payment fee for all SPayLater’s payment plans remain unchanged; users will still have to pay an RM10 late payment charge to reactivate their frozen SPayLater account if there are any unpaid or outstanding amount.

Shopee’s SPayLater service was first rolled out in early 2021, and initially only allowed users to “postpone” the payments of their purchases to the following month, or convert them into monthly instalments of between two to six months (as opposed to the current twelve months, although this option is offered only to selected users). It had also already revised its processing fee and late payment fee once in July this year, along with the introduction of different payment cycles.

(Source: SPayLater)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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zamri

3 years ago

I was just so happy that shopee had increased my limit but after accumulated purchase of above MYR1000, I just realized that 1.5% processing fees are now imposed on top of the purchased price. No more SPayLater for me.

norshamshiela

3 years ago

eh sakit pulak hati aku baru tahu benda ni !!! aku suke guna spaylater sebab senang x byk step . x yah nk tac bagai. aku ade je duit cuma guna sebab senang. aku pon ade credit card tp mls nk tggu msos code sbb line sim area rumah x clear nk tggu kod masuk . mmg xkan aku guna lg spaylater ni!!!

Zaffry

3 years ago

I tried to buy an item priced at RM443.31 and the processing fee is RM39.91 , regrettable , will never use the BNPL anymore, I wanted to pay in full three weeks later when I realise but the processing fees still imposed WTH

Choo Theam Hooi

3 years ago

charging a standard 1.5% processing fee the moment they tap into the SPayLater feature. This is regardless of whether they choose to pay the full amount of their purchases in the following month (not in instalments), or in instalments of two to twelve months is not fair to users wo choose to pay full amount. SPayLater should follow credit cards whereby users paying full amount were not charge. If SPayLater still insists of charging, then inform users earlier so that they have a choice.