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ShopBack, a Singapore-headquartered loyalty platform, has announced that it will be discontinuing its buy now, pay later (BNPL) service PayLater.
In an email to customers in the city-state, the company said that it will discontinue the service from March 22. This will apply to both online and physical transactions.
The PayLater service was introduced after ShopBack acquired BNPL player Hoolah back in November 2021. The offering was rolled out in July 2022 to Singapore and Malaysia.
When contacted by The Business Times, ShopBack said that it is also discontinuing the PayLater service in Malaysia. The shuttering of PayLater is part of a periodic review of its business units.
“Our decision to discontinue the PayLater feature in Singapore and Malaysia is driven by our strategic focus on sustainable business models with strong potential for growth,” said the company.
A number of players have shuttered over the last year in the BNPL space, with Singapore-based Pace the most recent to close shop. It filed for voluntary winding up back in August 2023.
See Also: ShopBack feels the pinch as voucher revenue dips 50% in FY23
This story was republished with permission from The Business Times. It was moderately edited to reflect Tech in Asia’s editorial guidelines.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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