FAQs - myIOU myIOU FAQs - myIOU
Getting Started

What is Buy Now Pay Later (BNPL)?

Buy Now Pay Later (BNPL) is a digital payment solution that gives you the opportunity to buy something without having to make full payment for it until a later date. BNPL allows you to split your purchases into several interest-free payments paid over time.

How does myIOU BNPL work?


  • Add your item(s) into shopping cart.
  • Select myIOU as payment method.
  • You are required to make initial payment upon purchase and split the remaining balance into monthly instalments according to selected tenure.


  • Pick your desired item(s) in store.
  • Scan QR code with myIOU app.
  • You are required to make initial payment upon purchase and split the remaining balance into monthly instalments according to selected tenure.

What is the difference between myIOU and credit card instalments?

With myIOU, you can split your purchases into affordable monthly instalments (up to 3 months) with zero interest to pay. myIOU doesn’t affect the available balance on any particular credit card. myIOU also allows you to pay with debit card.

Credit card instalments reduce the available credit limit on a person’s credit cards. Moreover, not all credit companies offer instalment payment plans.

Is there any cost or additional fee incurred upon purchase with myIOU?

myIOU is a payment service offered to consumers with zero interest and no hidden fees. However, a late payment fee will be imposed if subsequent payments are not made by due date.


If a merchant charges additional fee for payments made with myIOU, such fee is independent and separate from us.


What are the requirements for using myIOU BNPL service?

  • Age range from 18 to 65 years old
  • A Malaysian NRIC (MyKad)
  • Credit/debit card issued by Malaysian financial institutions
  • Malaysian mobile number & email address

Why does myIOU require information on my national identification card (MyKad)?

To validate users’ identity, we require a front and back photo of your MyKad at sign up to prevent any misuse of identity or funds.

How does IOUpay protect my personal information?

Sensitive information such as phone number and email will be encrypted and shown with masking both when displayed and stored, protected with PDPA.

At IOUpay, we take your privacy and data security very seriously. Our privacy policy explains how we collect, use, disclose and safeguard any personal data you provide to us.

What type of cards can I use?

myIOU accepts both debit and credit cards (Visa or MasterCard) issued by Malaysian financial institutions.

At the moment, we don’t accept the following type of cards:

  • American Express (AMEX)
  • Japan Credit Bureau (JCB)
  • UnionPay
  • Discover
  • Diners Club

Will the use of myIOU impact my credit score?

Yes, consumer with default payment will get affected.

How long does it take to get my myIOU account approved?

For new applications, your account will be approved upon completion of the application process subject to terms and conditions.

What happens if my registration gets rejected?

Please try to resubmit the application with the correct verified documents and valid credit card or debit card.

Where can I use myIOU BNPL service?

You can use myIOU at any online and in-store merchants authorised by IOUpay. You can check the list of authorised merchants on our website at www.myiou.com/merchants, myIOU app and on the respective merchants’ website or store.

What if I don’t receive One Time Pin (OTP)?

You may need to refresh the connection between your phone and your mobile carrier. Please try:

  • Turning your phone off and on (or restarting if possible)
  • Turning airplane mode on and off
  • Removing and re-inserting your SIM card

I'm unable to register on myIOU app with my Huawei/Honor phone.

Currently, myIOU app is not available on Huawei and Honor devices without Google Play Services. Please click here to see the list of devices not supported.

Credit Limit

How do I increase my credit limit?

You can increase your credit limit up to MYR10,000 by signing up for myIOU Credit+ through myIOU app subject to terms and conditions.

For more info, visit https://www.myiou.my/credit-plus/

How long does it take for my myIOU Credit+ application to be processed?

Your application will be approved within 14 business days.

What is the maximum credit limit I can apply?

The maximum credit limit per account is MYR10,000 subject to terms and conditions.

How many BNPL transactions am I allowed to perform at one time?

You can perform as many transactions as you like provided you do not exceed the available credit limit in your myIOU app.

How much can I purchase with myIOU BNPL?

You can purchase as much as you like provided you do not exceed the available credit limit in your myIOU app.

Initial, Subsequent and Late Payments

When do I complete the initial payment?

You will need to complete the initial payment upon check out after confirming the transaction details.

How does subsequent payment work?

Remaining balance of total purchase will be split into monthly instalments and will be charged monthly depending on the selected tenure. Your card binded to myIOU will be charged automatically every month for the remaining instalments.

What are the repayment tenure options available in myIOU?

2 or 3 payments. Tenure adopted by merchants varies.

What happens if I miss a payment?

myIOU will send a notification via myIOU app and SMS. Your account will be suspended from performing transactions until outstanding payments are resolved.

A late payment fee will be imposed for overdue payments.

What is the rate for late payment fee?

For overdue payments, you will be charged a late payment fee of MYR5 or 1% on outstanding amount (whichever is higher).

Can I change my subsequent payment due date?


How will I know when my next subsequent payment is due?

You will receive a reminder via myIOU app and SMS within 3 business days before your next subsequent payment is due.

Can I use different cards for each subsequent payment?


What will happen if I enter the wrong payment pin in myIOU app?

You can reset your payment pin through myIOU. For assistance, please drop an email to [email protected] or call us at +603-7733 5500 during hours below:


Mon – Fri : 9am – 6pm

What happens if I did not receive One Time Pin (OTP) from bank?

You may contact your respective bank for further assistance.

Cancellation, Refund & Dispute

Can I request for a refund for item(s) bought?

The delivery and quality of the products and services purchased is always the responsibility of the merchants. Please reach out directly to the merchant where you purchased your product or service for any cancellation and refund.

How do I request a full refund?

Please contact the merchant to request for a full refund, and it is subject to the merchant’s cancellation and refund policy.

Merchant has approved my refund; how long will it take for the amount to be refunded back into my account?

Your refund will be processed after we have received refund request email from the merchant. It takes up to 14 business days for the refunded amount to be released back to your original payment card.

Why am I still being charged after I returned the product(s)?

Once you have returned the product(s) to the merchant(s), it may take a few days for them to inspect, process and ensure that the returned goods meet their cancellation and refund policy requirements.

Card Lost / Fraud

What if my card is lost/cancelled by the issuer or expired?

If you have a payment due to us, do contact us immediately at [email protected] or call us 03-7733 5500 for further assistance during hours below:


Mon – Fri : 9am – 6pm


Please take note that you will not be able to make a new transaction until the new card is registered.


I am a merchant, how do I sign up for myIOU BNPL service?

You may send your enquiry to [email protected] , our professional team will contact you to provide further support.

Cancellation, Refund & Dispute

A. Online Merchant
How do I process a void or refund?

IOUpay will direct all enquiries from consumers, regarding return of goods, void or refund to the merchants. For privacy purposes, IOUpay is unable to issue a void or refund to consumers on behalf of merchants.

IOUpay will only process void or refund following the instruction from merchants via email [email protected] inclusive of IOUpay transaction number, amount and valid reason.

B. In-store Merchant
How do I process a void or refund?

Merchants can contact our support team directly via [email protected]. Please provide transaction number, amount and valid reason.


How can I contact your support team?

Please email to [email protected]. Our support team will reply to your enquiry within 2 working days. Alternatively, you may contact our support line at 03-7733 5500 during operating hours.

What are your operating hours?

Our support team will be available during hours below:


Mon – Fri : 9am – 6pm