Bjak Insurance recently announced the introduction of the ‘buy now, pay later’ (BNPL) payment option for car and motorcycle insurance renewals from the 1st of November 2021 onwards.
Bjak, which is the first to provide a buy now, pay later option for 15 insurance brands in Malaysia, announced that the BNPL payment option enables car and motorcycle owners to split insurance payments into three equal, zero-interest payments.
“We are partnering with Atome, the leading BNPL provider in South East Asia to introduce a secure and flexible payment option for our customers. This partnership aims to make auto insurance renewal more accessible to the public especially during the post pandemic period,” Fatin Izzati, Vice President of Operations said.
All Bjak customers will be able to select the buy now, pay later option for their insurance and road tax renewal on Bjak’s website, with no minimum amount or supporting document required.
The first payment will be made at the point of purchase using debit or credit cards issued by any bank. The following two payments will be spread 30 days apart automatically 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,” added Fatin.
“Consumers today expect a flexible, secure and seamless payment experience. We’re excited to partner with Malaysia’s leading auto insurance platform and enable vehicle owners greater flexibility and choice in how they want to pay for auto insurance over time,” said Trasy LouWalsh, General Manager of Atome Singapore and Malaysia.
In addition to the buy now, pay later payment option, Bjak is also offering another five payment options on its platform, which include debit card, credit card, online banking, cash via 7-eleven and credit card instalment plan.
Car and motorcycle owners who are interested can enjoy the new payment option by requesting for quotations on Bjak’s website today.
With clients across the Southeast Asia region, Bjak has successfully acquired 3 million customers as of now, and has grown online insurance penetration to over 10% for both car and motor insurance renewals since its launch.