Grab Malaysia is applying a single monthly interest rate of 1.25% to all new PayLater installment plans, effective March 9.
The changes will not impact existing instalment plans.
"Any plan already in place will continue at its original rate. The new 1.25% monthly rate applies only to plans created from March 9 2026 onwards. No action is required from current users," the company said in a statement to StarLifestyle.
It added that the update is part of an effort to simplify and standardise PayLater rates across online and in-store transactions, to ensure a transparent and predictable experience for all users.
In a notice to users on the Grab Malaysia app dated March 2, the company said the new single rate will apply to all four-, eight- and 12-month instalment plans, concluding the 1% promotional rate for PayLater instalment plans.
It added that the 1.25% rate will remain unchanged until May 31, and that users will be given advance notice of any revisions thereafter.
PayLater allows users to split payments into instalments, with the interest rate charged to cover the cost of providing the service, according to information on the company's website.
