Payment service provider GHL Systems has strengthened its alliance with Grab Malaysia by expanding the reach of the latter’s buy-now-pay-later tool to offline merchants across the country.
The extension enables GHL merchants to offer Grab’s PayLater solution through their terminals during checkout.
This helps consumers with additional payment options during in-store shopping.
The consumers can choose to pay for their purchase next month of the shopping or in monthly instalments within four months with no interest.
The extended tie-up will help consumer electronics retailer Senheng, which has already enabled over 100 of its outlets and senQ stores in Malaysia to accept payments through Paylater by Grab.
In 2021, GHL commenced the launch of PayLater tool for online merchants.
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GHL Malaysia CEO Kevin Lee said: “We’re excited to partner with Grab Malaysia to extend PayLater to our in-store merchants.
“We believe that this offering is able to empower both the merchant and consumer, especially in this post-pandemic time with expectations of increased foot traffic.
“By enabling PayLater, consumers can stay on top of their budget and gain greater purchasing power, while driving sales for merchants.”
Currently, GHL offers PayLater by Grab solutions to Natural Health Farm, Foto Shangri-La, MU Optic, Yes Optical as well as various small and medium-sized enterprise (SME) merchants and others in Malaysia.
Grab Malaysia head of payments, e-commerce, and insurance Lim Tien Ming said: “This partnership with GHL is timely as consumers are now more open to buying now and paying later (BNPL).
“In fact, a recent ResearchAndMarkes.com report highlights that BNPL payment adoption is expected to grow steadily, recording a compound annual growth rate of 35.4% during 2022-2028.”