The number of active Buy Now, Pay Later (BNPL) account holders rose to 8 million in the first quarter of 2026, up from 7.5 million at the end of 2025 and 2.6 million in 2023, the Finance Ministry said in a written Dewan Rakyat reply. 

The ministry said BNPL debt remains low, accounting for about 0.3% of total household debt as of end-2025.

Outstanding Balance Reaches RM5.3 Billion

Total outstanding BNPL balances rose to RM5.3 billion in the first quarter of 2026, up from RM4.9 billion at the end of 2025. The overdue amount stood at RM181.0 million, or 3.4% of the outstanding balance, up slightly from RM160.2 million, or 3.3%, at the end of 2025.

New Licensing Rules Take Effect

The ministry said the Consumer Credit Commission (SKP) has issued authorisation and conduct standards setting minimum requirements for BNPL providers. Only providers that meet regulatory, governance and consumer protection standards will be allowed to operate. The licence application period opened on 1 June 2026, and existing BNPL providers have until 30 November 2026 to submit their applications.

The push for oversight comes as BNPL spending grows quickly, reaching RM9.3 billion in the first half of 2025 alone, a 31% jump from the second half of 2024, with the market projected to hit RM10.67 billion for the full year.

For BNPL users, the new rules aim to bring more oversight to a fast-growing market. Even with tighter rules in place, keeping track of how much you owe across different platforms remains important, as multiple small payments can add up quickly.

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Iman Aminuddin

Iman writes about personal finance with curiosity. She is interested in the stories behind money, the hesitation around big decisions, and the small habits that shape financial futures. Off the clock, she is either dissecting a film or climbing her way up the leaderboard in her favourite games.

About THE AUTHOR

Iman Aminuddin

Iman Aminuddin

Iman writes about personal finance with curiosity. She is interested in the stories behind money, the hesitation around big decisions, and the small habits that shape financial futures. Off the clock, she is either dissecting a film or climbing her way up the leaderboard in her favourite games.

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