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PayLater is a type of digital financing or credit service for consumers. With this service, consumers can purchase a product and then pay for it within 30 days or in installments over a specific period.
PayLater appears to be the first credit service used by a majority of Indonesians.
This is evident from a survey report, a collaboration between Kredivo and the Katadata Insight Center (KIC), titled "Indonesia's E-commerce Consumer Behavior 2023: Economic Recovery and Post-Pandemic Shopping Trends."
According to the survey, more than half, or 60.9%, of respondents had never received any credit service other than PayLater.
This group is primarily dominated by individuals in socio-economic status (SES) C, whose monthly expenses range from Rp2 million to Rp4 million.
"This means that PayLater helps people who are not reached by conventional financial products to become familiar with and build trust, especially in digital financial products," stated the Kredivo and KIC team in their report.
"Through the use of PayLater, people who have not been reached by financial products can build a good financial history, helping them to access other banking financial products, such as credit cards or mortgages," they continued.
On the other hand, the proportion of PayLater users who had previously used credit cards was only 28.1%. This group is dominated by SES A individuals with monthly expenses exceeding Rp6 million.
Furthermore, 10.4% of respondents had previously received unsecured loans from banks, and 8.8% had accessed multi-purpose loans from banks before using PayLater.
Kredivo and KIC conducted this online survey with 6,403 PayLater users. The complete survey report can be accessed and downloaded via this link: https://kredivocorp.com/.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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