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Frequently Asked Questions - BNPL with IOUPay


What is IOUPAY's Buy Now Pay Later?

IOUPay is a digital payment solution that gives you the opportunity to buy something without having to make full payment for it until a later date. BNPL allows you to split your purchases into several interest-free payments paid over time

How does myIOU BNPL work?


  • Add your item(s) into shopping cart.
  • Select myIOU as payment method.
  • You are required to make initial payment upon purchase and split the remaining balance into monthly instalments according to tenure.


  • Pick your desired item(s) in store.
  • Scan QR code with myIOU app.
  • You are required to make initial payment upon purchase and split the remaining balance into monthly instalments according to tenure.

What is the difference between myIOU and credit card instalments?

With myIOU, you can split your purchases into affordable monthly instalments (up to 6 months) with zero interest to pay. myIOU doesn’t affect the available balance on any particular credit card. myIOU also allows you to pay with debit card. Credit card instalments reduce the available credit limit on a person’s credit cards. Moreover, not all credit companies offer instalment payment plans.  

Is there any cost or additional fee incurred upon purchase with myIOU? 

myIOU is a free service offered by merchants to you with no additional fee or interest charged. However, a minimum spend of MYR500 is required and late payment fees will be imposed if subsequent payments are not made by due date.

What are the requirements for using myIOU BNPL service?
  • At least 18 years old and above
  • A Malaysian NRIC (MyKad)
  • Credit/debit card issued by Malaysian financial institutions
  • Malaysian mobile number & email address

What type of cards can I use?

myIOU accepts both debit and credit cards (Visa or MasterCard) issued by Malaysian financial institutions. At the moment, we don’t accept the following type of cards:
  • American Express (AMEX)
  • Japan Credit Bureau (JCB)
  • UnionPay
  • Discover
  • Diners Club

How long does it take to get my myIOU account approved?

For new applications, your account will be approved upon completion of the application process subject to terms and conditions.

What happens if my registration gets rejected?

Please try to resubmit the application with the correct verified documents and valid credit card or debit card. 

What is my credit limit upon application?

An instant approval of MYR3,000 for basic account level, subject to approval.