23rd May 2023 - 2 min read
Lazada has made a slight update to the fees of its buy-now-pay-later (BNPL) service, LazPayLater, now implementing a 1.5% service fee for the one-month deferment plan as well. This revision will take effect immediately, and has also been reflected in its Help Centre page.
When it was first rolled out in November 2022, LazPayLater allowed users to delay the payment of their purchases by one month without paying any extra charges (0%). Only those who choose monthly instalment plans (3, 6, or 12 months) will be charged a service fee of 1.5%. With this update enforced, it means that all LazPayLater users – regardless of their preferred payment plans – will now have to pay a standard 1.5% fee.
In a notice sent out to customers, Lazada explained that this LazPayLater update is spurred by the fact that such service fees are a standard practice in the industry. The e-commerce platform also said that the fees are used to cover the financing and administrative costs involved in offering instalment payment options.
“Rest assured that we have reviewed and set our rates to remain competitive and fair as we continue to provide you with flexible payment options while offering high-quality products and services,” said Lazada. Meanwhile, other charges remain unchanged; its late payment fee, for instance, is still maintained at RM30.
To note, Lazada is not the only e-commerce platform to impose the 1.5% fee on all of its BNPL payment plans, including the one-month deferment plan. Shopee, too, had made this update back in October 2022.
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