SPayLater Product FAQ
1. What is SPayLater?
SPayLater is a “Buy Now, Pay Later” (BNPL) service powered by Monee Capital Malaysia Sdn. Bhd. (formerly known as SeaMoney Capital Malaysia Sdn. Bhd.), The financial services affiliate of Shopee. With SPayLater, users can purchase goods and services with an option to defer the full payment to next month (1-month payment option) or make payments over 3 to 24-month instalment plans. SPayLater offers users a convenient financial solution, enabling them to enjoy payment flexibility through a user-friendly digital platform.
2. Is SPayLater a licensed product in Malaysia?
BNPL service is regulated under the Credit Consumer Commission, which is closely monitored by the Credit Consumer Oversight Board (CCOB) Taskforce, targeting to be in force by 2026. Monee regularly engages with and reports to the CCOB Taskforce.
3. How is the user’s SPayLater limit determined?
The approved limit for each user can vary and is determined at Monee’s discretion. Monee periodically reviews SPayLater accounts and adjusts the limit (either increase or decrease) based on various factors.
Users can follow these tips to increase the chances of getting a higher SPayLater limit: - Frequently use SPayLater for transactions on the Shopee app
- Pay SPayLater bills on time, before the due date
- Follow the SPayLater terms and conditions
4. What happens if the user logs out of SPayLater and loses their login details?
SPayLater is available in the Shopee or ShopeePay app:
- For Shopee - kindly reset password following the instructions here
- For ShopeePay - kindly login following the instructions here
5. Why are some customers unable to activate SPayLater?
Currently, SPayLater can only be activated by eligible users and will require accurate application data for approval.
Customers can follow these tips to increase the likelihood of approval:
- Make sure that there are no obstructions covering the personal details in your ID photo, including shadows, flash from the camera, glare from lighting, and/or damage to the ID.
- Please ensure you have a valid identification document physically present with you when completing the application.
- Please ensure that the information provided is accurate and matches the details on your valid government ID.
- Make sure that the person in the ID picture matches the person in the liveness check.
- Make sure that you have no existing account with SPayLater. If you have already activated before, you may use that account instead.
- Increase your purchases on Shopee.
6. Why is there an error in the cooling-off period?
If the user’s ShopeePay account is in a cooling-off period, the user will not be able to make payments to merchants using SPayLater, either. Please refer to this article here for more information regarding the cooling-off period.
Please refer here for more information about the SPayLater product.
SPayLater Merchant FAQ
SPayLater enables customers to better finance larger purchases and afford a wider range of products and services by planning out their future payments. Merchants who offer SPayLater also experience higher retention rates among their buyers, attracting new and repeat customers. Tapping into SPayLater, merchants are exposed to a wider audience that consistently and responsibly utilises the payment service.
Through dedicated SPayLater marketing platforms and exposure across the Shopee app, SPayLater-activated merchants are offered wider visibility. Leveraging the healthy SPayLater user base, merchants can be featured and exposed to potentially millions of new buyers.
2. Is SPayLater available for all merchants?
No, SPayLater is currently available to selected merchants only. Merchant’s eligibility is subject to Monee’s evaluation criteria and risk assessment.
3. When will I receive the settlement amount for a SPayLater transaction?
For ShopeePay Merchant, your settlement will be transferred to the bank account that you have registered with us on the T+1 day after the order is completed. All settlements for orders on weekends or public holidays will be transferred on the next working day.
Merchants will receive the sales payment in full (after deduction of MDR) regardless of the tenure selected by the buyer.
4. Who bears the credit or default risk?
Monee bears the credit or default risk of the buyer. Merchants will receive the full payment for goods or services sold regardless of whether the buyer completes their instalments.
5. Do I need to set up anything special to accept SPayLater?
No additional hardware is required. However, you must be enabled either via:
- ShopeePay (for terminals / online merchants via TPA - Third Party Acquirers)
- DuitNow QR (any acquirers)
6. Is there an additional MDR or fee for SPayLater transactions?
No additional charges will be applied to the MDR. The MDR charge is the same as the ShopeePay MDR.
7. Is there any hidden fee for merchants?
No. All applicable fees to merchants are transparently communicated during onboarding or contract signing.
8. How do customers use SPayLater at my store or website?
Customers can use SPayLater at your store or website by scanning DuitNow QR or ShopeePay QR to make payments with SPayLater. For more information about offline payment methods, please visit this link. 9. Can customers use SPayLater for any amount?
No, there is a minimum spending requirement for SPayLater transactions as follows:
- RM1 for 1, 3, 6, 12 months instalments
- RM200 for 18 and 24 months instalments (only available for selected users)
Meanwhile, the maximum amount for SPayLater would depend on the customer’s available SPayLater limit.
10. What if I have more questions regarding SPayLater?
You can reach out to us for any SPayLater enquiries by filling in the form here.
Please note that:
- The form is intended for SPayLater-onboarded merchants only.
- You may raise SPayLater General Enquiries, SPayLater Transaction Enquiries or request more Point of Sale Materials (POSM) through the form.
- Please ensure that all details provided in the form are accurate.
SPayLater is a service provided by Monee Capital Malaysia Sdn. Bhd. (formerly known as SeaMoney Capital Malaysia Sdn. Bhd.)