SINGAPORE - Loyalty platform ShopBack has announced that it will be discontinuing its buy now, pay later (BNPL) service PayLater.

In an e-mail to Singapore customers, the company said that it will discontinue the BNPL service from March 22. This will apply to both online and physical transactions.

The PayLater service was introduced after ShopBack acquired BNPL player Hoolah back in November 2021. The offering was rolled out in July 2022 to Singapore and Malaysia.

When contacted by The Business Times, ShopBack said it is also discontinuing the PayLater service in Malaysia. The shuttering of PayLater is part of a periodic review of its business units.

“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,” said the company.

A number of players have shuttered over 2023 in the BNPL space, with Pace being the most recent to close shop. It filed for voluntary winding up back in August 2023. THE BUSINESS TIMES