Let’s say, you are shopping for a MacBook Pro that costs RM 5,600 today.
You have RM 2,000 in your savings account and RM 10,000 in a FD account. The FD account will expire in 6 months. You have a steady job where you could save about RM 2,000 a month and you have a credit card with a limit of RM 10,000. What would you do?
Uplift your FD account and pay for the MacBook Pro in full.
Buy the MacBook Pro with your credit card and stretch your payment to as long as 12 months.
Pay for the MacBook Pro under a Buy Now, Pay Later (BNPL) scheme where you pay ⅓ of its cost on the spot and settle the other ⅔ in two equal installments in the next two months without hidden charges or interest costs.
In this webinar, we invited Arvin Singh, co-Founder and COO of hoolah, Asia’s Leading Omnichannel BNPL ecosystem, to introduce to us the concept of BNPL and how it could be a viable option to make our purchases responsibly. Here, we discussed the following:
- Introduction to BNPL and How Does it Exactly Work?
- The Differences between Installment Payment Plan (IPP) and BNPL.
- Who Uses BNPL to Buy Stuff and What are People Buying?
- How to Use BNPL to Manage Cash Flow and Do Budgeting?
- Misconceptions of BNPL and The Initiatives hoolah is Taking to Tackle Them.
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