IOUpay Asia sees growth in Buy Now Pay Later app

myIOU sees a substantial rise in its user and merchant base since its soft launch in Malaysia in June 

by ANIS HAZIM 

AUSTRALIAN Securities Exchange (ASX)-listed IOUpay Ltd’s subsidiary, IOUpay (Asia) Sdn Bhd, expects Malaysia to remain as a key driver for its Buy Now Pay Later (BNPL) services. 

IOUpay head of marketing Gwen Khor said the group’s BNPL app, myIOU, saw a substantial rise in its user and merchant base since its soft launch in June last year. 

“The user base for myIOU has grown to 52,000 users from 1,500 users. Furthermore, the merchant base has also increased. To date, myIOU has more than 1,000 active merchants that operate in more than 3,000 physical and online stores nationwide, ranging from fashion, automotive to electronics and gadgets,” Khor said during myIOU app 2.0 launch last Friday. 

Due to the overwhelming response over its BNPL app, 

IOUpay has introduced an enhanced app, myIOU app 2.0, with a new refined interface for easy navigation. 

According to Khor, the refreshed app gears itself for the rapid growth of the BNPL market and the increasing switch to cashless transactions in Malaysia.

She estimates the app could reach four million users by 2030.

“I would say the sign-up target is actually changing with the market trends. So, we don’t really have a fixed estimation. But of course, we wish to cover the Malaysian market, at least,” she told reporters.

IOUpay regional commercial officer Christopher Kok said the group intends to expand in other markets in South-East Asia and is currently eyeing Indonesia.

“When the borders open, we will work closely with the other countries like Indonesia since we have an office in Jakarta and we will also collaborate with the Philippines,” he said. 

When asked on how its app hopes to fare against similar rival apps, IUOpay is confident its app could attract more users as it offers flexible zero interest monthly instalments of up to six months and credit limit of up to RM10,000. myIOU 2.0 also allows consumers to utilise either a debit or credit card for the BNPL service. 

“With a simple registration, consumers are granted instant credit approval of RM1,000 and may increase the credit limit up to RM10,000,” it said. 

Among the renowned myIOU merchants include Senheng Electric (KL) Sdn Bhd, Hewlett Packard Enterprise, Neal’s Yard Remedies, Box of Bricks, Darson Electronics, Lazo Diamond, Wah Lee, 5 Star Fitness, The Guitar Stores, Clock Family and Artisan Creative Studio. 

In conjunction with the launch, a five-day roadshow was held at the IOI City Mall in Putrajaya to promote the new app from March 16-20, 2022.