OCBC NISP Collaborates With Indodana To Distribute Paylater Loans, Customers Can Spend Up To IDR 25 Million At Over 1.500 Merchants

Illustration. (Photo: Doc. Antara/Shutterstock)

JAKARTA - PT Artha Dana Teknologi (Indodana) and PT Bank OCBC NISP Tbk (NISP) have officially established cooperation in the form of funding with a loan scheme (channeling). Through this collaboration, Indodana and NISP hope to increase the penetration of the PayLater business and strengthen financial literacy and inclusion programs in the country.

“The presence of PayLater as a fast, easy, and secure payment solution provides access to people who have not been touched by conventional financial services. We will use this funding facility to strengthen and expand the distribution of Indodana PayLater services and increase financial inclusion for the wider Indonesian community," said Director of Indodana Jerry Anson in an official statement, Tuesday, April 26.

According to reports from the International Data Corporation (IDC) and 2C2P, Indonesia is predicted to become the largest Buy Now Pay Later (BNPL) market in Southeast Asia in 2025 with the value of spending using PayLater in e-commerce up 8.7 times compared to 2020.

Meanwhile, the Digital Lending Division Head of Bank OCBC NISP Veronika Susanti said, the collaboration with Indodana is part of a strategic initiative carried out by Bank OCBC NISP in providing broad access to prudent financial services to the Indonesian people.

"This collaboration in providing loan channeling facilities is our concrete step to combine the strengths of banking and fintech lending platforms in providing transformational value to the development of the digital economy in Indonesia," he added.

Through this collaboration, users can get a limit of up to IDR 25 million and use it for shopping or transactions at all Indodana merchant partners who have collaborated, both online and offline. Among them are Tokopedia, Blibli, Tiket.com, Bukalapak, Elevenia, and iStyle. As well as more than 1,500 merchants and outlets, such as Hypermart, Courts, Erafone, Lottemart, Electronic City, Lulu Hypermarket, Hush Puppies, Puma, Kalbe, Atria, and Hartono Elektronik.

To be able to transact with Indodana PayLater, users need to download the Indodana application on the Google Play Store (for Android) and Apple Store (for iOS). Then just activate it. You do this by using your cellphone number, filling out complete personal data, and uploading supporting documents, such as a photo ID card and selfie photo with your ID card.

Once active, users can shop directly online and offline at all Indodana partner merchants spread across more than 62 cities and 35 provinces in Indonesia. Indodana Paylater makes shopping transactions easier, faster and safer. Indodana PayLater has been registered and has a business license from the Financial Services Authority (OJK), and has implemented a cutting-edge risk management system based on Artificial Intelligence and an ISO 27001 certified security system.