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DIGITAL financial service Kredivo said Paylater can provide instant credit access and convenience of transactions, especially for users of e-commerce (e-commerce) platforms.
“The presence of Paylater provides benefits for both the community and e-commerce players. People can meet their needs quickly, easily, and safely without having to worry about their cashflow,” said Kredivo’s VP Marketing and Communications, Indina Andamari, in a statement.
On the other hand, Indina said Paylater is also beneficial for e-commerce or merchants because it can help them increase their average value and spend frequency by offering flexibility for customers to pay later on a regular basis.
“Paylater has proven to be one of the most significant supporting factors for the growth of the e-commerce industry, not only in Indonesia but also globally,” she said.
Furthermore, Indina explained that the average consumer shopped 25 times a year with an average spending value of up to 30% higher using Kredivo. Paylater has become increasingly popular in recent years, especially during the pandemic, where transaction patterns are increasingly shifting to digital and people also need credit to be able to manage their finances in uncertain times.
According to the 2021 Indonesian E-Commerce Consumer Behavior Report Kredivo and the Katadata Insight Center, the Paylater payment method is used by 27% of respondents to shop at e-commerce at least once in the past year.
The percentage of usage continues to increase and even the growth rate is above credit cards and debit cards. Kredivo itself now has more than 4 million users or more than 50% of the credit card user base in Indonesia, becoming the Buy Now Pay Later (BNPL) industry leader with a wallet share of at least 50% in the majority of e-commerce merchants in Indonesia.
“To be able to continue to encourage this growth and create a healthy ecosystem, of course, synergy from various parties is needed, such as business actors, regulators and associations,” Indina remarked.
The National Fintech Month and the Indonesia Fintech Summit are the right places to exchange views and initiate collaboration between lines in the digital ecosystem. “Through this opportunity, we also try to provide deeper socialization and literacy to the public about Paylater and its benefits and risks,” she finished. [antaranews]
