IOU Pay (Asia) Sdn Bhd (IOUpay) has officially launched its refreshed myIOU Buy Now Pay Later (BNPL) app, dubbed as the myIOU App 2.0 with a new refined interface for easy navigation.
The launch of the enhanced app is apt as myIOU gears itself for the rapid growth of the BNPL market and the increasing switch to cashless transactions in Malaysia.
myIOU is a BNPL platform by IOU Pay (Asia) Sdn Bhd, a full subsidiary company of IOUpay Limited listed in Australia since 2014 (ASX: IOU). The fintech company has 20 years of experience in mobile banking and digital payment space, serving 20 leading Malaysian banks, insurer, telco and corporate brands in Malaysia and Indonesia.
According to Gwen Khor, Head of Marketing for IOUpay, Malaysia remains a key driver for BNPL growth; as it registers a substantial rise in its user and merchant base since its soft launch in June last year. The user base for myIOU has grown to 52,000 users from 1,500 users. Furthermore, the merchant base has also increased. To date, myIOU has more than 1,000 active merchants that operate in more than 3,000 physical and online stores nationwide, ranging from fashion, automotive to electronics & gadgets. Renowned myIOU merchants include Senheng, Hewlett Packard, Neal’s Yard Remedies, Box of Bricks, Darson Electronics, Lazo Diamond, Wah Lee, 5 Star Fitness, The Guitar Stores, Clock Family and Artisan Creative Studio.
“The fastest-growing user base is attributed to the benefits that myIOU offers, e.g. flexible zero interest monthly installments of two, three or six months” said Khor. myIOU allows consumers to utilize either debit or credit card for the BNPL service. With a simple registration, consumers are granted instant credit approval of RM1,000 and may increase the credit limit up to RM10,000.
myIOU’s new interface is introduced with the minimalist design to enhance user experience and the refined interface allows a more instinctive navigation. The new design enables easier access to available merchants or brands across all categories for a better shopping experience. In addition, promotions and rewards are highlighted to increase its visibility to consumers.
In conjunction with the launch of myIOU App 2.0, a 5-day roadshow will be held at IOI City Mall, Putrajaya to promote the new app from 16 – 20 March 2022. The roadshow features myIOU’s merchants which include All IT Hypermarket, Gintell and Brooks. Everyone is welcome to immerse themselves in a delightful state-of-the-art shopping experience using the app at merchants’ booths and also to engage in various exciting games.
IOUpay has also announced its 2022 partnership with an internationally celebrated Hong Kong artiste, Priscilla Wong, and local actor Syafiq Kyle as the new face of myIOU.
Priscilla Wong is a top TVB actress and television host who has gained popularity amongst viewers in South East Asia since 2012. “Malaysia is my second home, I still keep in touch with people and things around here. I hope the way of spending smartly using myIOU can be extended to all my fans,” Priscilla commented.
Syafiq Kyle is a homegrown celebrated actor and a model for several international fashion brands, including MSGM, Hackett London and Salvatore Ferragamo. “After a few months of using the myIOU app, it has helped me a lot in managing my expenditures, specifically by making interest-free purchases and splitting payments up to 6 months,” said Syafiq. The new ambassadors are chosen to be the one for myIOU due to their influential power in today’s consumer market. They will be representing myIOU in their major marketing campaigns and also to share the benefits of using myIOU with their fans. The upgraded experience of myIOU is currently on Google Play & App Store. Merchants who are interested to sign up for the BNPL offerings for their customers can browse through myiou.com for more information.