Buzz
Recently, Shopee introduced SPayLater, a buy-now-pay-later payment method designed to offer customers maximum convenience. Many users are still unfamiliar with SPayLater and wonder if it is safe. What should you know before registering and using SPayLater? If you’re interested in Shopee’s SpayLater, join Mytour as we explore whether SPayLater is safe and the essential tips to keep in mind before signing up in the article below.
I. What is SPayLater?
1. What is SPayLater?
SPayLater is a new payment method on the Shopee e-commerce platform, operating through a virtual credit card system. Provided by reputable partner banks, SPayLater allows you to buy now and pay later on Shopee.
Once you successfully activate SpayLater on Shopee, you can shop within the assigned credit limit and repay in installments based on the payment terms you select. Options include 1, 2, 3, 6, or 12-month installments (6 and 12-month terms are available only for specific user groups).
2. What are the benefits of SPayLater?
By activating and using SpayLater, users can enjoy the following advantages:
- Enhances spending and shopping capabilities on Shopee
- Allows ownership of high-value products without upfront payment
- Flexible repayment plans
- Competitive installment conversion fees
- Access to exclusive promotions and discounts for SPayLater users
- No activation fees or annual charges when using SPayLater
3. What are the drawbacks of SPayLater?
While SPayLater offers numerous benefits, it also has some disadvantages you should consider before using:
- The registration process for SPayLater requires extensive information and documentation, which can be inconvenient for users
- Since SpayLater is available only on Shopee, purchases are limited to the platform
- Late payments incur penalty fees, complicating budget management and debt repayment
- Low credit limits: The maximum limit for a SPayLater account is 20 million VND, but this varies by user. For those with higher spending needs, SPayLater may not be suitable
II. Is SPayLater safe to use?
Shopee's SPayLater is highly secure, ensuring user safety. All information provided during registration and use of SPayLater is protected under the SPayLater Service Terms and Conditions for Shopee Users and the privacy policies of the involved parties and partner banks, ensuring compliance with relevant regulations and laws.
When registering and using SPayLater, you will be required to verify your identity through your ID card/citizen ID and facial recognition to confirm account ownership.
During the use of SPayLater, you may be contacted by partner bank representatives in case of overdue or unpaid bills. However, all their instructions will guide you to perform actions within the Shopee app. If asked to take steps outside Shopee, exercise caution and report the issue to Shopee immediately for resolution.
Now you can be confident about whether SPayLater is safe. Feel free to use SPayLater on Shopee whenever the need arises.
III. What fees are included in SPayLater?
According to Shopee, SPayLater includes only the following two fees, with no activation charges or annual fees.
1. SPayLater installment conversion fee
This fee starts from 2.95% per installment (*), calculated based on the total order value. The fee is already included in the amount you need to pay each installment.
Example: An order worth 300,000 VND paid via SPayLater. Depending on the chosen installment plan, the amount to be paid per installment (month) is calculated as follows.
(1) If you choose "Pay later up to 45 days" (1 installment): 308,850 VND = 300,000 + (300,000 x 2.95%)
(2) If you choose "Pay in 2 installments": 158,850 VND/installment = 300,000/2 + (300,000 x 2.95%)
(3) If you choose "Pay in 3 installments": 108,850 VND/installment = 300,000/3 + (300,000 x 2.95%)
2. Late payment fee (applied when you miss or delay payments)
30,000 VND per installment (*) (fixed rate). The late payment fee will be charged to your SPayLater account one day after the due date and added to the next billing statement.
Example: The SPayLater bill for April is issued on 24/04/2024 with a payment due date of 10/05/2024. If you pay after 10/05/2024, a late fee of 30,000 VND will be recorded in the SPayLater bill for May, issued on 24/05/2024.
(*): VAT included
IV. What is the credit limit for SPayLater?
The credit limit for SPayLater varies for each user. Accounts are reviewed and assigned a corresponding limit based on the user's Shopee activity and submitted registration information.
Each user's total credit limit is unique. Customers cannot manually increase their SPayLater credit limit, as it may be adjusted periodically based on evaluations by partner banks.
According to the current policy, the maximum credit limit for each SPayLater account can reach up to 20,000,000 VND.
V. Key considerations before registering for Spaylater
Shopee's SPayLater is highly secure, backed by Shopee and SPayLater's privacy policies. However, before registering, it's essential to thoroughly understand SPayLater and review the following points:
- Understand the terms and conditions: Carefully read the service terms and privacy policies of SPayLater here. Pay attention to fees, interest rates, and penalties for late payments.
- Assess your needs and repayment ability: Evaluate whether SPayLater aligns with your financial situation and ensure you can meet monthly installment deadlines.
- Compare alternatives: Consider comparing SPayLater with other credit options to choose the most suitable one.
- Protect personal information: Provide personal details cautiously and only to SPayLater, ensuring all transactions occur securely on Shopee's platform.
Above, Mytour has shared some insights about SpayLater, including whether it is safe and key considerations before signing up. SpayLater is Shopee's buy-now-pay-later service, partnered with trusted banks, ensuring user safety is a top priority. It's crucial to thoroughly understand SpayLater and keep certain points in mind before registering. Thank you for your interest and for following this article.
