BCA Paylater Grows 108 Percent Until May 2024

BCA (Photo: Antara)

JAKARTA - PT Bank Central Asia Tbk (BBCA) or Bank BCA incised the growth in the number of buy now pay later (BNPL) users until the period May 2024 reached 108 percent year-to-date (ytd).

Then, the outstanding loan for the paylater provided by the private bank also grew until the same period, which was 94 percent ytd.

"So, (based on the growth of the BCA paylater) users are very enthusiastic and we are also excited," said Executive Vice President (EVP) Corporate Communication and Social Responsibility BCA Hera F. Haryn quoting Antara.

Hera said that the company routinely innovates products, including for paylaters. According to him, the company also continues to conduct studies so that it is hoped that new product innovations will be relevant to current market needs.

Previously, in a performance presentation in the first quarter of 2024, the company reported that the number of paylater users until the end of March 2024 had reached around 89,000 users or grew 70 percent from the position in December 2023 of 52,500 users.

At that time, BCA Director Santoso revealed an increase in loan outstanding from Rp115 billion in the December 2023 position to Rp185 billion in March 2024. This number increased by 61 percent compared to the end of 2023.

Meanwhile, the loan ceiling also grew quite well in that period, which was 51 percent compared to the end of 2023 which only amounted to Rp395 billion to Rp597 billion in March 2024.

Santoso also underlined that the quality of credit distributed remained prudent. The quality of BCA's paylater credit was in the 0.47 percent position in March 2024.

For information, the paylater feature in myBCA was launched in the fourth quarter of 2023. The paylater loan limit offered by BCA is up to IDR 20 million, with competitive installment interest rates and varying payments according to customer needs.

Meanwhile, based on data from the Financial Services Authority (OJK), the total distribution of financing receivables by BNPL financing companies (PP) as of May 2024 increased 33.64 percent year-on-year (yoy) to IDR 6.81 trillion.

OJK assesses that paylater financing in Indonesia has considerable market potential in line with digital-based economic development. This can also be seen from the gross non-perfoming financing ratio (NPF) and NPF net PP BNPL, which were recorded at 3.22 percent and 0.84 percent, respectively.