SHAH ALAM, July 24 — Online shopping platforms offering buy now, pay later (BNPL) services have been urged to self-regulate to ensure consumer rights remain protected.
Deputy Domestic Trade and Cost of Living Minister Datuk Fuziah Salleh said the approach was needed pending the introduction of a more comprehensive law.
“My advice to platform owners is to ensure their platforms are used responsibly and with integrity, as the e-commerce law has yet to be tabled in Parliament.
“For now, let us self-regulate, protect consumers, and foster a positive culture,” she said after the Closing Ceremony of the TikTok Shop Summit and the Buy Malaysian Goods 2025 campaign here today.
Deputy Finance Minister Lim Hui Ying had previously said BNPL transactions rose to 102.6 million in the first half of the year, from 83.8 million in the second half of 2024.
According to Lim, the surge in BNPL transactions had exposed consumers, especially low-income earners and those with weak financial literacy, to the risk of unmanageable debts.
Meanwhile, commenting on the one-off RM100 cash aid for citizens aged 18 and above, Fuziah said it can only be used at outlets under the Sumbangan Asas Rahmah scheme to prevent misuse.
She said enforcement will be carried out to prevent price hikes at involved outlets.
“Aid recipients must use their identity card to make purchases at any of the 4,100 designated outlets nationwide, and are only allowed to buy listed items to prevent misuse of the funds.
“There were cases where (recipients) bought cigarettes instead of baby formula or nappies, so this measure helps us ensure it is spent on essential items,” Fuziah said.
— Bernama
