Paylater Business Booms, but Regulations Are Still Lacking

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Adi Ahdiat 07/08/2024 14:58 WIB

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The number of paylater financing contracts in Indonesia has grown rapidly over the past five years. However, to date, there are no specific regulations governing this service.

Number of Paylater Financing Contracts in Indonesia (2019-2023)

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Number of Paylater Financing Contracts in Indonesia (2019-2023)

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According to a report by the Financial Services Authority (OJK), the buy now, pay later (BNPL) business has grown rapidly in Indonesia in recent years.

Paylater is a digital financing service for consumers, where consumers can purchase a product and then pay in installments or pay later.

In 2019, there were only 4.63 million national Paylater financing contracts.

Then in the following years, demand continued to increase, reaching 79.92 million financing contracts in 2023.

"BNPL financing contracts have grown significantly over the past 5 years with an average increase of 144.35%," said the OJK team in the 2024-2028 Financing Company Development and Strengthening Roadmap report.

"The potential for future growth is still very large, given the high demand in society," they continued.

However, to date, Indonesia does not have specific regulations governing Paylater. The OJK also stated that this service needs to be regulated for consumer protection.

According to Irfan Sanusi Sitanggang, Director of Financing Institution Regulation at the OJK, the regulation will only be released in 2025.

"For now, [Paylater regulation] will not be issued, at the latest next year," said Irfan, as reported by Bisnis.com, Tuesday (25/6/2024).

Editor : Adi Ahdiat

"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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Paylater Business Booms, but Regulations Are Still Lacking

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Paylater Business Booms, but Regulations Are Still Lacking

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