ShopBack, a loyalty platform with its headquarters in Singapore, has said that it will be closing its PayLater purchase now, pay later (BNPL) service.
The company notified city-state clients via email that the service will be discontinued as of March 22. This will be true for both in-person and virtual transactions.
In November 2021, when ShopBack bought BNPL player Hoolah, the PayLater service was launched. The product was made available to Singapore and Malaysia in July 2022.
ShopBack informed that it is also ending its PayLater service in Malaysia. PayLater’s closure is a result of a routine evaluation of its business divisions.
“Our decision to discontinue the PayLater feature in Singapore and Malaysia is driven by our strategic focus on sustainable business models with strong potential for growth,”
A number of players have shuttered over the last year in the BNPL space, with Singapore-based Pace the most recent to close shop. It filed for voluntary winding up back in August 2023.