This new BNPL option can help meet consumer and merchants’ expectations for diverse payment options by giving consumers a more transparent, budget-friendly and responsible way to pay for large-ticket items and help merchants boost their sales and ultimately improve customer experience.
myIOU is expected to provide seamless and secure digital transactions experience and become financial companion to Malaysian consumers and merchants, to accommodate the ever growing cashless market in Malaysia and SEA.
Instant Credit Approval worth RM1,000 for Consumers and Zero Sign-up Promo for Merchants
As for merchants, myIOU Merchant+ offers merchants the ability to provide additional credit limit up to RM10,000 to eligible myIOU Credit+ consumers for a one-time purchase.
As part of its launch promotion, myIOU will give instant discount of RM10 for new user’s first transaction using “MYIOU10” voucher code and referral reward of RM5 for every successful referral to friends and family. That’s for consumer, but what if you are a merchant?
For merchants, myIOU offers zero sign-up promo with waiver of one-time setup fee and first year annual maintenance fee worth RM1,000 and reduced merchant discount rates (MDR) with estimated savings worth up to RM1,000.
How myIOU Works?
Confirm transaction details and complete your initial payment*. Remaining balance of total purchase will be split into monthly instalments.
Your card binded to myIOU will be charged automatically every month for the remaining instalments.
*Depending on merchants, you may or may not need to complete the initial payment. Instead, payment is only made during each instalment’s due date.
How to pay with myIOU?
- Select myIOU when shopping online or scan QR code with myIOU app at in-store merchants.
- Confirm transaction details and complete your initial payment. Remaining balance of total
purchase will be split into monthly instalments.
- Your card binded to myIOU will be charged automatically every month for the remaining
Registration Requirements for Consumers
- At least 18 years and above
- Malaysian NRIC (MyKad) holder
- Credit/debit card issued by Malaysian financial institutions
- Malaysian mobile number and email address
The company has structured its operations into three business divisions, which represent Mobile Banking, Digital Payments and Digital Services, servicing 20 leading Malaysian banks, insurers, telcos and corporates in Malaysia and Indonesia. IOUpay facilitates large consumer communities to extend their information technology applications to any mobile device and integrate mobile technology throughout their existing businesses through their proprietary IOUpay platform.
IOUpay’s business is focused on continuing to build our merchant networks and transaction volumes to expand into higher value-added purchase and payment services for their end-user customers. This includes uniquely packaged and discounted product and service offerings for big customer communities and smart short-term revolving Buy Now Pay Later (BNPL) instalment offerings.