Platforms Featured Southeast Asia

Telkomsel, Kredivo partner to launch BNPL telco service ‘Telkomsel PayLater’

Jakarta, Indonesia — PT Telekomunikasi Selul ar (Telkomsel) collaborated with PT FinAccel Finance Indonesia (Kredivo) in order to develop a BNPL digital financial service solution specifically for telcos for all Telkomsel customers, namely Telkomsel PayLater. The collaboration agreement was marked by the signing of a Cooperation Agreement between the two parties in Jakarta.

In this collaboration, Telkomsel and Kredivo will optimize their digital ecosystem assets to open more opportunities by providing easy financing for integrated digital products, which can be accessed anytime and anywhere by customers through the MyTelkomsel application.

Wong Soon Nam, director of planning and transformation for Telkomsel, said, “BNPL’s digital financial services are currently growing in line with the increasing adoption of people’s digital lifestyles in the midst of a pandemic.”

Nam added, “This collaboration is a tangible manifestation of Telkomsel’s commitment as an enabler to open more advancement opportunities for all levels of society in obtaining innovative digital-based solutions that touch all sectors of life, which this time we implemented through the BNPL digital financial product specifically for telcos, under the name Telkomsel PayLater.”

This collaboration is also part of Telkomsel’s efforts to always make it easier for customers to always be connected and enjoy a variety of Telkomsel’s leading digital products and services for various needs. In order to open up all opportunities and provide digital financial services that exceed customer expectations, Telkomsel chose Kredivo as a strategic partner who has various experiences and ecosystem advantages for BNPL services.

Umang Rustagi, CEO of Kredivo Indonesia, said, “We are very excited to work with Telkomsel, one of the largest cellular telecommunications operators in Indonesia. This partnership brings us one step closer to realizing our vision of serving 10 million users in the next few years and is an acknowledgement of Kredivo’s leadership in Indonesia’s PayLater industry.”

“In addition, this is one of our latest achievements in providing white-label PayLater services to partners who are focused on the telecommunications sector,” Rustagi said.

As an initial stage, Telkomsel and Kredivo presented the Telkomsel PayLater service through the MyTelkomsel super apps in April 2022. The presence of Telkomsel PayLater opens a new digital experience for all Telkomsel customers in utilizing digital financial solutions more easily, comfortably, and safely.

To encourage the use of the newly presented digital solution, at this early stage Telkomsel PayLater through Kredivo will provide a PayLater limit of up to Rp. 30,000,000 which can be submitted and obtained by selected customers. This limit can be used by customers to finance various Telkomsel products, ranging from credit, data packages, digital products, and other leading Telkomsel services.

In order to open up more opportunities, Telkomsel PayLater will also be developed gradually outside the MyTelkomsel platform. This development will continue by Telkomsel. Telkomsel PayLater can also be a digital financial service solution for other Telkomsel digital ecosystems.

Platforms Featured Southeast Asia

BNPL platform Kredivo launches ‘Infinite Card’

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.

Platforms Featured Southeast Asia

Kredivo ties with lifestyle retailer MAP to make global brands more affordable

Indonesia – Indonesia’s Buy Now, Pay Later (BNPL) platform Kredivo has partnered with lifestyle retailer Mitra Adiperkasa (MAP) to enable customers to shop for high-quality products from global brands, while maintaining healthy cash flow by paying them over time with low-interest rates.

MAP, which has been operating in Indonesia for more than 27 years, fulfils customers’ demand in lifestyle and food and beverages through its omnichannel chains across the country. 

Through the new partnership, Kredivo can now be used as a payment method at MAP retailers, including Zara, Pandora, Bershka, Mango, and Calvin Klein, as well as Lacoste, and Marks & Spencer, amongst many others. 

Lily Suriani, Kredivo’s general manager, shared that the partnership with MAP is an important step for them to accommodate users’ needs and to realize their commitment to making it easier for them to shop at the best retailers with a fast, convenient, and affordable payment option.

“We are very pleased to offer this new access point to our customers and we are excited to partner with MAP, Indonesia’s number one and largest lifestyle company that has 2,600 outlets in 81 cities across Indonesia,” said Suriani.

The integration between Kredivo and MAP is now live as of 25 January 2022. Kredivo said that it is set to expand its services and collaborate with other MAP brands in the future.