PayLater is a payment option powered by Grab that gives people the flexibility to pay across four interest-free payments or pay all at once. The tool is intended to help users manage their monthly cash flow and sidestep credit cards or other loans that come with interest and fees.
GHL said eCommerce and digital payments are poised to accelerate in the coming years and offering Grab’s PayLater tool can help facilitate sales conversions. PayLater is also anticipated to help businesses boost their bottom line, GHL said in a statement, per The Edge Market.
PayLater is being offered to eligible users and the spending limit is determined by Grab’s analysis that is customized to each user, according to Priyanka Madan, country head of Grab Financial Group, Grab Malaysia.
“We hope this will help consumers manage their monthly spending without dipping into their savings or credit cards, while merchants can increase their sales,” Madan said.
Sean S. Hesh, GHL Group CEO, called the collaboration with PayLater by Grab is a “win-win solution” that will benefit the users of both companies. He added that the timing will help people hit hard by the COVID-19 pandemic.
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“PayLater provides consumers with an avenue for flexible and higher purchasing power and at the same time, higher sales revenue for merchants. Therefore, merchants with large ticket items do not have to worry about missing out on consumers,” Hesh said.
GHL and GrabPay have previously collaborated to expand the number of smaller merchants accepting cashless payments. GHL currently serves 2,700 merchants across Malaysia.
Grab went public in New York last month at a $40 billion valuation via a merger with special purpose acquisition company (SPAC) Altimeter. It is so far the largest SPAC merger in history.
