LOCAL insurance platform, Bjak has launched its buy now, pay later (BNPL) payment option for car and motorcycle insurance purchases starting Nov 1, 2021.
The BNPL payment option would enable both car and motorcycle owners to split insurance payments into three equal payments that have zero interest added.
“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 car and motorcycle insurance renewal more accessible to the public especially during the post-pandemic period,” said Bjak operations vice president Fatin Izzati.
“Users can choose to split payments into three months. Six-month and 12-month options will be enabled in the next release,” she added.
“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 Atome Singapore and Malaysia general manager Trasy Lou-Walsh.
Bjak shares that it is the first to provide a BNPL option for 15 insurance brands locally.
The insurance platform has grown its online insurance penetration by 10% for both car and motorcycle insurance purchases since its launch in 2019.
The platform enables users to compare insurance quotations across insurance providers all on a single platform.
All Bjak users can request free insurance quotations and select the BNPL option for their insurance and road tax purchases on its website, with no minimum amount or supporting document required.
How does BNPL work?
Bjak shared that the first payment would be made at the point of purchase using debit or credit cards issued by any bank.
The next two payments would be spread 30 days apart automatically without any fee or interest added.
Besides its BNPL option, Bjak offers 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 can request an insurance quotation on Bjak’s website to enjoy the new payment option today.
