Instalments For All, Even Non-Credit Card Holders?

Updated: May 29, 2019



The everyday practice of paying via instalments isn’t something foreign to most, and has become commonplace even among today’s youth. With the bulk of people opting for this payment method for most commitments that would otherwise eat off impossible chunks of their income, large purchases become more and more accessible for folks of all income statuses.


Be it for car, home or tech appliances, this practice sees people of various walks and ages taking advantage of instalment plans to prevent them from breaking the bank.


But with 47% of Malaysian youths facing high credit card debt as of early this September and only 18% of Malaysians between the ages 20 - 74 who are credit card holders, there are more and more reasons for modern-day citizens to shy away from credit cards. Rationales include high interest rates, poor financial habits and risk of low credit scores.


When credit cards don’t come into play

But what about those who don’t qualify to register for credit cards? The eligibility criteria varies according to each bank but in general, a minimum age of 21 and income of RM24,000 per annum applies. So if you’re not earning at the very least RM2,000 and above a month, bid goodbye to your chances of enjoying the advantages of a credit card.


The startup that’s beating the system

Yet, there is a way around it. DokkuPay, a Malaysian startup manages to find the chink in the armour and makes the option of paying via instalments available for those who would rather not use credit cards. DokkuPay is a payment solution app which allows you to purchase items first, but spread the total cost over 4 equal instalments with bank accounts. And get this, interest-free!


In a nutshell - “Buy Now, Enjoy Now, Pay Later.” as their saying goes.


“We believe that everyone is entitled to buy things that they want without having to pay one lump sum at once. There are clear pitfalls to using traditional credit products to obtain what you want, when you want it. Life can quickly become defined by the debt itself, rather than the things it acquired.”

The ins and outs

How does it work, you ask?


1) To start off, users will have to create an account. Simply download the app and submit three things - your IC, latest one month payslip and connect your LinkedIn account. After submission, approval is speedy and your answer will be received latest within 24 hours.


2) Once approved, shop at any one of their merchants. The list of merchants is ever-growing, so users can look forward to constant updates. Current merchants include fan favourite marketplaces such as Lazada and Pestle & Mortar.


3) Following that, add a payment method on the app by verifying your bank account details. This is exactly where Curlec steps in and makes such automatic “instalments” possible - via Direct Debit. Curlec enables this by authorising DokkuPay to collect recurring payments from bank accounts.


4) Begin shopping as per usual and when it’s time to checkout, purchase a voucher code on the DokkuPay app and apply this code when checking out on the merchant’s website. Essentially, DokkuPay pays for you!


5) With that settled, your instalment schedule of four equal instalments begins within five working days from the day of purchase, where your first instalment will be deducted from your bank account via Curlec’s Direct Debit. The remaining three instalments then become due every two weeks thereafter. Throughout each transaction, Curlec acts as the third party between DokkuPay and the user to allow such deductions to be made.



Curious users may wonder about any hidden fees. Fret not as DokkuPay stays true to its claim of being 100% interest-free guaranteed. The only fees that come into the picture are the late fees incurred for any unsuccessful scheduled payments, in which case RM10 will be charged per late payment. So make sure you have sufficient funds in your account.


At the core of a FinTech revolution with Curlec

The founders behind this FinTech collaboration are Lim Kah Hoe, CEO of DokkuPay and Zac Liew, CEO of Curlec. Both these startups are among many FinTech companies who are playing a pivotal role in moving Malaysia to a cashless society step-by-step. One making the possibility of paying via instalments a reality for everyone, the other simplifying recurring payments for businesses in a seamless manner.


With a vision to democratise financial services here in Malaysia, coupled with the entrepreneurial spirit aflame inside them, these companies are paving the way to more convenient and all-inclusive payment solutions for the general public and business owners alike.


"We want to be the innovating force to the retail economy and we aspire to empower customers in managing their finances and becoming their most go-to payment method. This was never possible until Curlec came about and now we are able to offer instalment payments by bank accounts.” - Kah Hoe

DokkuPay is merely one among the many startups who work hand-in-hand with Curlec, who are the primary force behind such cashless payment options. This collaboration was brought about through a startup accelerator programme named 1337 Ventures. Aimed at discovering, funding and launching emerging startups, this programme gave Curlec the opportunity to play a bigger role in growing the local FinTech ecosystem.


As part of Curlec’s support scheme, all startups on the 1337 Ventures programme were offered Direct Debit services from Curlec free of charge for the first 6 months. This was intended to help get these startups off the ground, all the while supporting likeminded FinTech companies in the hopes of catapulting Malaysia towards the direction of a smarter paying society.


Just as how DokkuPay realised their goals with Curlec, your business too can benefit from Direct Debit systems, contact us below this page to find out more!

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