What 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.
What happens if i am late on my repayment?
Mobypay is committed to imparting the value of responsible 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 priod 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 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.
For late repayments, Mobypay will impose a fixed Late Payment Fee after 48 hours had passed from the scheduled payment date. (The 48 hours is a grace period for you to make your repayment in case you may have forgotten). Beyond the 48 hours, Mobypay will suspend your access to prevent you from making further transaction and charge the fixed Late Payment Fee subject to the transaction as seen in the following table:-
||Late Payment Fees
|10001 and above
We highly encourage you to be timely with your payments to avoid any late payment charges. MobyPay always advocates responsible spending
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 if your payment still has not gone through, you will be charged a fixed Late Payment Fee.
We encourage you to pay your installments promptly as your repayment history will be reviewed by our system for future purchases
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 card 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