Bukalapak Shuts Down "Buy Now, Pay Later" Function in Indonesia
Jayson 08 Mar 2024 09:09
Bukalapak has recently closed the BukaCicilan payment service, but users can still use Kredivo's loan services normally.
BukaCicilan, a buy now, pay later service that allows you to pay in installments without a credit card, is a feature launched by Bukalapak in October 2018 in partnership with Akulaku.
Akulaku faced sanctions from the Financial Services Authority (OJK) in October 2023 and was restricted from providing Akulaku paylater services. The sanctions were not lifted until last week. However, Bukalapak stressed that the closure of BukaCicilan has nothing to do with the temporary operating restrictions of Akulaku paylater.
Desy Hartono, vice president of financial solutions at Bukalapak, said the move is aimed at simplifying installment payment options for customers, but Bukalapak users can still use Kredivo's paylater service with credit limits ranging from IDR 2 million to IDR 25 million (USD 127 to USD 1,596 ), can be paid within 30 minutes, the loan terms are from 1 month, 2 months, 3 months, 6 months to 12 months, and the installment interest starts from 1.5%.
BukaCicilan, a buy now, pay later service that allows you to pay in installments without a credit card, is a feature launched by Bukalapak in October 2018 in partnership with Akulaku.
Akulaku faced sanctions from the Financial Services Authority (OJK) in October 2023 and was restricted from providing Akulaku paylater services. The sanctions were not lifted until last week. However, Bukalapak stressed that the closure of BukaCicilan has nothing to do with the temporary operating restrictions of Akulaku paylater.
Desy Hartono, vice president of financial solutions at Bukalapak, said the move is aimed at simplifying installment payment options for customers, but Bukalapak users can still use Kredivo's paylater service with credit limits ranging from IDR 2 million to IDR 25 million (USD 127 to USD 1,596 ), can be paid within 30 minutes, the loan terms are from 1 month, 2 months, 3 months, 6 months to 12 months, and the installment interest starts from 1.5%.
