Jakarta, Indonesia – Indonesia’s Buy Now, Pay Later (BNPL) platform Kredivo together with global financial services company Mastercard and Bank Negara Indonesia (Persero) (BNI), a technology and payment innovation has launched the Infinite Card, a virtual card that can be used to pay on all e-commerce and online platforms by simply entering a few pieces of data, just like a credit card.
Through the collaboration, the new feature enables Kredivo’s customers to transact using Kredivo’s credit limit across all of Mastercard’s online merchant network. In result, millions of online shops who accept Mastercard can now accept Kredivo payments.
All transactions made with the Infinite Card will be removed from the Kredivo credit limit, which can go up to 30 million IDR (about US$2,500). Kredivo’s interest rates are the same for Infinite Card transactions: 0% for 30 days and 3 months installments, and 2.6 percent per month for 6 and 12 months. Each and every digital platform that accepts credit card payments can take use of the Infinite Card’s convenience features. The Infinite Card will be gradually rolled out to Kredivo’s user base over the next few months.
Umang Rustagi, CEO of Kredivo Indonesia, said that Kredivo is committed to providing retail credit products that are fast, affordable, and widely accessible. The Infinite Card, as the name implies, will provide unlimited access to online transactions, anywhere and at any time, making Kredivo a credit-card like product for our nearly 5 million Indonesian customers.
“This innovation dramatically reduces the accessibility gap between traditional credit card holders and Kredivo customers,” Rustagi said.
Navin Jain, country manager for Mastercard Indonesia, commented, “Mastercard is proud to collaborate with Kredivo and BNI to bring the benefit of Mastercard’s acceptance network in Indonesia and globally to millions of consumers.”
“Kredivo is a pioneer in bringing financial access to new-to-credit consumers in Indonesia, and with Mastercard’s innovative value-added services, their consumers will now be able to use their purchasing power across online platforms accepting Mastercard payment cards. These solutions will bring consumers more choice and encourage them to use digital payment methods, an important goal of OJK (Indonesia’s Financial Services Authority) and the Central Bank,” Jain added.