JAKARTA - Mulawarman University (Unmul) economist Hairul Anwar highlighted the phenomenon of using paylater services or buy now pay later, and provided a solution so that people can use paylater wisely.
"What needs to be realized is that when people use paylater today and pay next month, they are actually reducing their purchasing power next month," said Hairul Anwar, in Samarinda, East Kalimantan, quoted from Antara, Monday, October 14.
He explained that paylater is attractive because of its easy access and fast process. This encourages an increase in transactions of up to 50 percent. Unfortunately, this convenience often makes people ignore the consequences in the future.
Hairul Anwar analogized that the use of paylater should be prioritized for productive needs, not consumptive needs.
"If it's to buy rice or basic necessities, it shouldn't be postponed. But if it's to buy a new cellphone, it's better to think again," he also said.
Furthermore, Hairul emphasized the importance of financial management and cash flow in utilizing paylater. The public needs to understand the various conveniences offered by paylater so as not to suffer losses.
He also emphasized the importance of openness and financial planning in the family.
"Discuss with your family, how much income, how much should be allocated for basic needs, savings, and so on," he suggested.
Hairul explained the differences in paylater usage patterns between those with fixed and non-fixed incomes. Those with fixed incomes, according to him, tend to be more organized because they already know how much income and expenses they have each month.
"While those with non-fixed incomes, sometimes a lot, sometimes a little, so they need to be more careful in managing their finances," he said again.
Hairul emphasized the importance of recording income and expenses as the first step in financial management. Recording income and expenses is an important management function in planning finances.
"Record every expense, both using cash and paylater. By recording, we can see where our money is allocated," he said.
Deputy Director of Supervision of Financial Services Business Actors' Behavior, Education, and Consumer Protection, OJK East Kalimantan Yulianta explained the benefits and risks of using paylater so that the public can use it wisely.
"Paylater is a payment mechanism that allows consumers to postpone payments. Payments can be made all at once or in installments," he said again.
According to him, technological developments and the rise of marketplaces have encouraged the emergence of various payment alternatives, including paylater.
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"Paylater provides an alternative for consumers who may not have cash or want to pay in installments," he said.
Yulianta highlighted a number of benefits of paylater, one of which is making it easier for consumers to shop, especially online. In addition, paylater can help consumers manage cash flow, especially for those with limited funds.
"Paylater can be a gateway to gain access to credit from the financial services sector. By having a good credit history in paylater, consumers can apply for even larger credits," he also said.
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