Online insurance platform, Bjak, has launched the very first ‘Buy Now, Pay Later (BNPL)’ payment option in Malaysia for both car and motorcycle insurance renewals. The new method of payment is available for a total of 15 insurance brands, starting this year on November 1.
The BNPL payment option allows vehicle owners to split purchases into 3 payments with 0% interest. Users simply have to go to Bjak’s official website to select the payment method for insurance and road tax renewals, with no minimum amount or supporting documents required.
BNPL payment method
The first payment requires the consumer to make payment at the point of purchase using a debit card or credit card issued by any bank. The following two payments will be charged automatically after 30 days and 60 days, respectively without any fees or interest.
Users can choose to split the payments into three months. 6-month and 12-month options will be enabled in the next release.
User-friendly and flexible payment
Bjak partners with Atome, a leading BNPL provider in Southeast Asia to introduce a secure and flexible BNPL payment option. This partnership aims to make auto insurance renewal more accessible to the public, especially during the post-pandemic period.
In addition to the buy now, pay later payment option, Bjak offers five payment options on its platform, which include debit card, credit card, online banking, cash via 7-eleven, and credit card instalment plan.
Vehicle owners can enjoy the new payment option by requesting quotations on Bjak’s website starting November 1, 2021.
Frequently asked questions about BNPL
What is a Buy Now, Pay Later (BNPL) option?
BNPL is a short-term payment plan that allows individuals to purchase motor insurance first, and make payments at a later time with no interest or service fees.
What are the acceptable payment methods?
Debit cards or credit cards issued by any bank.
What is the tenure payment option?
3 months
What is the maximum payment amount?
- Debit card: RM1,500
- Credit card: RM5,000
How to make a payment?
- Select the Buy Now Pay Later payment option.
- Insert debit card or credit card.
- Your bill will be split into 3 payments. You will make the first payment at the point of purchase.
- The second and third payments will be charged automatically after 30 days and 60 days, respectively.
For further inquiries, you may directly contact Bjak via Whatsapp or refer to the official FAQ on Atome’s website.
What are the differences between BNPL and Easy Payment Plan (EPP)?
Here are several differences between BNPL and EPP in terms of payment method:
Payment Method
- EPP: Accept credit cards only
- BNPL: Accept both credit and debit cards
Use of banks
- EPP: Only accepted by certain banks
- BNPL: Accepted by all banks
Tenure payment option
- EPP: 6 months or 12 months
- BNPL: 3 months
Minimum amount
- EPP: Minimum spend of RM600
- BNPL: No minimum amount
November Promotion for Atome app users
Atome is now offering those who renew their car insurance at Bjak through the Atome application. Users only need to download the Atome application to enjoy discounts of up to RM30 throughout this November.
1/11 – 28/11
- New Atome Users – Discount of RM25 with a minimum spend of RM100 *auto-issued
- All Atome Users (New + Regular) – Discount of 11% with a minimum spend of RM100 *total limit that can be claimed is RM22
8/11 – 14/11 (Special 11/11)
- All Atome Users (New + Regular) – RM30 Discount with a minimum spend of RM250 *Redeem in App
22/11 – 28/11 (Black Friday)
All Atome Users (New + Regular) – Discount of RM30 with a minimum spend of RM250 *Redeem in App
Renew motor insurance at Bjak
Looking for an easy way to compare various insurance policies all at once? Visit Bjak, the largest insurance comparison site in Malaysia to get the cheapest price.
Enjoy the flexible Buy Now, Pay Later (BNPL) payment option with zero interest. Don’t wait, get your free car insurance quotes now in just 3 minutes.
Bjak is one of Malaysia’s biggest insurance comparison sites, with more than 10 insurance brands to choose from. Get your free insurance quote at Bjak today!
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