Indonesia – Akulaku, a digital banking and finance platform in Southeast Asia, has partnered with Alipay+, a suite of global cross-border mobile payments and marketing solutions operated by Ant Group, to launch ‘Akulaku PayLater’, a BNPL solution that will allow Indonesian consumers to use at Alipay+’s global merchants.
Through the partnership, Alipay+ will now include Akulaku PayLater amongst its supported digital payment methods, and merchants will be able to access the BNPL solution as a payment method.
Akulaku’s BNPL functionality provides individuals who have a limited credit history with access to a convenient line of credit as well as manageable instalment plans. By meeting the increased demand for flexible payment plans and instalment purchasing, Akulaku PayLater promotes consumer purchasing power and ensures previously underserved markets can participate in a convenient digital financial service.
According to market research firm eCommerceDB, the Indonesian online commerce market grew 32% in 2021 and is currently the ninth largest in the world. Over the next five years, the Indonesian e-commerce market is projected to grow at a yearly rate of 10%, making this partnership a timely solution to meet the increased demand from Indonesian consumers for online shopping.
Fan Zhang, CFO of Akulaku, believes that this partnership will lead to a more advanced and convenient financial landscape for customers in Indonesia and throughout Southeast Asia.
“Through Alipay+, we will quickly scale the pool of merchants accepting Akulaku PayLater, giving our consumers an enhanced user experience and improving the market competitiveness of BNPL products. The combined resources will reach underserved markets with immediate financial services, fostering growth within these regions across industries,” said Zhang.
Meanwhile, Cheng Guoming, general manager of global partnerships at Alipay+, noted, “We see BNPL as an important part of the digital payment ecosystem and are excited to reach this partnership with Akulaku PayLater to enable the communities in Indonesia and other potential markets to enjoy seamless and convenient cross-border payment services and enrich their daily lives through the global shopping experience.”
Both companies are also exploring opportunities to further extend their partnership to other markets in Southeast Asia.