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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 designto 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 celebratedHong Kong artiste, Priscilla Wong, and local actor Syafiq Kyle as the new face of myIOU. Priscilla Wong is a top TVB actress and televisionhostwho 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 influentialpowerin 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 GooglePlay & App Store. Merchants who are interested to sign up for the BNPL offerings for their customers can browse through for more information. 

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