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?
Option 1:
Uplift your FD account and pay for the MacBook Pro in full.
Option 2:
Buy the MacBook Pro with your credit card and stretch your payment to as long as 12 months.
Option 3:
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.
