Instalment Payment Plan (IPP)

What is senangPay's IPP and how does it work?

senangPay's Instalment Payment Plan, or IPP, is a product developed in partnership with Pine Labs that allows customers to pay for their purchases with multiple instalment tenures.​

With senangPay's IPP, you can integrate with multiple banks through a single Merchant ID with only a one-time activation fee.

A. What partnering banks do senangPay's IPP offer?

Currently, senangPay offers integrations with the following banks, with the following tenures offered:

Bank 3 months 6 months 12 months 24 months
HSBC Bank Yes Yes Yes Yes

Affin Bank

Yes Yes Yes Yes
AmBank Yes Yes Yes Yes
Standard Chartered Bank Yes Yes Yes Yes
OCBC Bank

No

Yes Yes Yes
Alliance Bank No Yes Yes Yes
RHB Bank Yes Yes Yes  Yes
UOB (Coming soon) No Yes Yes Yes

More banks may be integrated at a later time. Any changes to our partnering banks will be updated here. Please stay tuned to our social media channels as we may update our 

B. Which senangPay packages can apply for IPP?

Currently, only Advance and Enterprise package subscribers can apply for senangPay's IPP. If you are a Starter package subscriber and wish to upgrade, please refer to this guide page.

C. Merchant eligibility

  • Merchants with an online website; and

  • a physical store and office.

This is to reduce the risk of onboarding merchants that plan to use BNPL cash-out services.

D. What are the documents required to sign up for IPP?

You will be required to submit the same documents as per your normal onboarding process. Please refer to this page for more details.

E. Approval period

The approval period for use of IPP is within two (2) working days.

F. What are your standard rates?

For our standard go-to-market rates, please refer to the table below. Keep in mind that these rates are not fixed and are open to negotiations on a case-by-case basis.

Bank 3 Months 6 Months 12 Months 24 Months

Affin Bank

3.70% 4.00% 5.10% 7.50%
Alliance Bank N/A 4.00% 5.10% 7.50%
AmBank 3.70% 4.00% 5.10% 7.50%
HSBC Bank 3.70% 4.00% 5.10% 7.50%
OCBC Bank N/A 4.00% 5.10% 7.50%
RHB Bank 3.70% 4.00% 5.10% 7.50%
Standard Chartered 3.70% 4.00% 5.10% 7.50%
UOB (Coming soon) N/A 4.00% 5.10% 7.50%

G. Minimum product amount

Bank 3 Months 6 Months 12 Months 24 Months
Affin Bank RM500 RM500 RM1000 RM2000
Alliance Bank - RM500 RM1000 RM2000

AmBank

RM300 RM500 RM1000 RM1000
HSBC Bank RM300 RM500 RM500 RM2000
OCBC Bank - RM500 RM1000 RM2000
RHB Bank RM300 RM500 RM500 RM500
Standard Chartered RM300 RM500 RM1000 RM1000
UOB (Coming soon) - RM500 RM500 RM500

 

H. Are there any annual fees or registration fees?

Upon registration, you will need to pay a one-time setup fee of RM650. There is no annual maintenance fee.

I. Settlement schedule

The settlement schedule shall follow the same schedule as for credit cards, which is on Wednesdays and Fridays. Please refer to this guide page for more information.