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Indonesia Buy Now Pay Later Business and Investment Opportunities (2019-2028) – 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics

Indonesia Buy Now Pay Later Business and Investment Opportunities (2019-2028) – 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics

  • February 2021
  • 50 pages
  • ID: 6131244
  • Format: PDF
  • PayNXT360


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The low credit penetration in Indonesia has provided a substantial boost to the growth of the BNPL industry in the country. PayNXT360 expects the trend to continue from the short to medium-term perspective, as consumers’ need to access credit has increased. Additionally, the growing shift from offline stores to online business and the rising e-commerce industry are also expected to support the growth of deferred payment services over the next four to eight quarters in the country. According to PayNXT360’s Q2 2021 BNPL Survey, BNPL payment in the country is expected to grow by 72.8% on annual basis to reach US$ 1537.0 million in 2021.

Several FinTech companies in Indonesia are looking to alleviate this, taking advantage of the opportunity to adopt the BNPL deferred payment method. Notably, about 40% of the global consumers used the split payment service such as BNPL in 2020, primarily because they had no access to a credit card. Indonesians are also facing the same problem, as more than half of the population in the country remains unbanked, and therefore, lacks access to traditional financing schemes. Consequently, deferred payment services providers are raising funds to provide more consumers with their BNPL services in the country. For instance,

In June 2021, Kredivo raised US$100 million in an expanded debt facility. According to the company, the debt facility will help the company achieve its goal of serving 10 million consumers in Indonesia with its BNPL product offering. As of June 2021, the BNPL provider has more than 3 million consumers using its service in the country.

In a bid to push the adoption of pay later services among the underbanked customers in Indonesia, the deferred payment service providers partnered with state-owned banks to expand their reach. For instance, launched in 2018, Traveloka PayLater, the pay later service of Indonesia-based online travel platform, partnered with Bank Negara Indonesia (BNI) to further develop its split payment service and to provide more consumers with its BNPL product. This strategic partnership between Traveloka and BNI will provide credit access to underbanked Indonesians.

Medium to long term growth story of BNPL industry in Indonesia remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 29.2% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 889.7 million in 2020 to reach US$ 9,222.0 million by 2028.

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