BUY NOW , PAY LATER!
WHO IS MobyPay ?
New to Mobypay? Mobypay is a payment option based on the “buy now pay later” method provided to retailers to offer their customers with a simple, straightforward interest free installment plan upon checkout. Our policies are created to promote responsible financial behaviour which includes helping our users maintain a positive cash flow, stay on track with their repayment schedule and be credit ready at all times.
Why is my MobyPay spending limit lower than the credit card limit given by my financial institution?
Mobypay is a “buy now pay later” payment method. In contrast to that of a credit card, all purchases made using Mobypay will be converted to short term interest-free easy payment installments to help you manage your monthly cash flow better. However, if you do wish to increase your account spending limit, help us understand you better by uploading the relevant documents in your dashboard.
Will MobyPay affect my credit balance?
No, the credit line extended by Mobypay is separate from your credit card. Purchases made using Mobypay will also not affect your credit card balance unless you utilise your credit card to repay your Mobypay installments. If this is your choice of installment repayment, your monthly installments will be deducted from your credit card via auto-debit. However, we would advise you to not opt for this payment option if you have the habit of making a minimum payment every month to your credit card account. We hope that Mobypay could be a tool for you to achieve financial wellness instead of burdening you with new debt.
How do I pay with MobyPay?
Don’t worry. We make it our business to make paying as easy as possible for you. Just purchase your desired products from our list of retailers and select Mobypay as your desired payment method. You will then be redirected to your Mobypay account to complete the payment. However, as with all financing facilities, you must be an existing user of the facility. Hence, do register for your Mobypay account at www.mobypay.my.
How do I pay my MobyPay installments?
We understand that you may have multiple financial commitments and various bills with different billing cycles to take care of. To make it easier for you to stick to your payment plan, we have made it compulsory for all Mobypay users to subscribe to our auto-debit facility. As such, your first installment will be auto deducted from your bank account upon checkout while the rest of the installments will be auto-deducted from your bank account every 30 calendar days. All you need to do is to ensure that there are enough funds in the account for the deduction.
How long is the installment period?
All Mobypay users can enjoy 3 monthly installments. If you help us understand you better, you may increase your account spending limit.
Is there an interest fee?
No, we do not charge any interest fee on your installment payment. However, a processing fee may be charged if you are unable to repay the monthly installments.
Which card can I use?
We accept both debit and credit cards.
What if there are not enough funds for auto-debit in my account?
If your payment is outstanding, you will be given a grace period of 48 hours to make the necessary arrangements to ensure that there are sufficient funds in your banking account for auto- debit or to change the repayment method.
During the stipulated grace period, you will be receiving email/ telephone reminders for the necessary arrangements to be made.
After the grace period, and your payment still has not gone through, you will be charged a processing fee which was initially waived for the first three months.
We encourage you to pay your installments promptly as your repayment history will be reviewed by our system for future purchases.
What happens if I’m late on my repayment?
Mobypay is committed to imparting the value of responsible financial behaviour to all our users. This includes helping users stay on track with a repayment schedule. You will be given another grace period of 5 days to make the necessary repayment arrangements. During the grace period, the system will prevent you from making any further purchases using Mobypay Buy Smarter Pay Later method to ensure that your debt does not exceed your repayment capability. If you have exceeded the grace period, and your payment still has not gone through, you will be charged a processing fee which was initially waived for the first three months together with a late payment fee. We highly encourage you to be timely with your payments to avoid any late payment charges. MobyPay always advocates responsible spending.
What happens if I’m not able to repay my monthly installment?
Mobypay is committed to imparting the value of responsible financial behaviour to all our users. We provide the “buy now pay later” payment option so that our users may purchase and enjoy the items they desire whilst still maintaining a positive cash flow every month.
If you are unable to repay one monthly installment, the system is auto-configured to prevent you from making more purchases via Mobypay to get you back on track.
In order to help you gain control of your money, we would like to work with you on an alternative repayment plan so that you may continue to enjoy Mobypay Buy Smarter Pay Later the moment you are back on track financially. Please email us at email@example.com for further discussion.
What happens if I don’t pay my bills at all?
Mobypay is committed to imparting the value of responsible financial behaviour to all our users and not paying your bill
on time does not reflect financial responsibility.
Therefore, this will be reported to various Credit Bureaus in Malaysia under trade reference. This negative remark may
prevent you from securing future financial assistance from other financial institutions until you have repaid your debt.
I still have more questions regarding MobyPay , how can I get in touch?
Contact us at firstname.lastname@example.org