JAKARTA - The Financial Services Authority (OJK) has issued OJK Regulation (POJK) Number 32 of 2025 concerning the Implementation of Buy Now Pay Later (BNPL) as an effort to mitigate risks due to the rapid development of digital financing in the financial services sector.
Quoting Antara, Head of the Department of Literacy, Financial Inclusion and Communication of the OJK, M. Ismail Riyadi, said that this regulation aims to provide legal certainty, strengthen governance and risk management, maintain the stability of the financial services sector, and encourage healthy and sustainable industry growth.
This is in line with the digital transformation of the financial services sector and the increase in national financial inclusion, while maintaining public confidence.
POJK 32 Year 2025 stipulates that the implementation of BNPL can only be carried out by commercial banks and financing companies.
Public banks can organize BNPL by referring to the provisions of laws and regulations for banks. Meanwhile, financing companies are required to obtain approval from the OJK first before organizing BNPL services.
The implementation of BNPL can be carried out conventionally or based on Sharia principles in accordance with applicable regulations.
This POJK also regulates the characteristics of BNPL, among others, is intended to finance the purchase of goods and/or services in a non-cash manner, without collateral, has a certain ceiling limit, and is carried out through an electronic system with an agreed installment payment scheme.
In its implementation, commercial banks and financing companies are required to apply the principles of prudence, consumer protection, and protection of customer/debtor personal data in accordance with the provisions of laws and regulations.
POJK 32/2025 also regulates the obligation of BNPL organizers to provide clear and understandable information disclosure to prospective customers/debtors and/or customers/debtors.
This information includes, among others, the source of financing funds, the number and frequency of installments, and other information determined by the OJK.
"This obligation of information disclosure aims to enable consumers to make financing decisions consciously and responsibly," said Ismail.
In addition, POJK 32/2025 regulates the collection mechanism, reporting to OJK, as well as provisions for the termination of the implementation of BNPL, both on the initiative of the organizer and at the OJK's order.
OJK is also given the authority to determine certain policies, including the determination of the maximum limit of economic benefits for financing companies in the implementation of BNPL, taking into account the public interest, financial system stability, and healthy business competition.
POJK 32/2025 has been in force since it was enacted on December 15, 2025. OJK also hopes that BNPL services can provide optimal benefits for the community, support financial inclusion, and grow responsibly within the framework of effective supervision.
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