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BNPL Surges as Credit Card Popularity Declines in Indonesia

BNPL Surges as Credit Card Popularity Declines in Indonesia

The 2024 Indonesia PayLater User Behavior report, launched by Kredivo and Katadata Insight Center (KIC) on June 25, 2024, highlights a significant shift in the payment preferences of Indonesian online consumers. The report reveals that Buy Now, Pay Later (BNPL) schemes have ascended to the second-most popular payment method, surpassing traditional credit cards. This trend is marked by a notable rise in BNPL adoption, particularly among women, millennials, and individuals from lower socioeconomic statuses. The convenience and rapid approval processes of BNPL services are key factors driving this growth. In contrast, credit card usage has seen a decline, dropping from 15 percent in early 2024 to 9.5 percent later in the year. This shift is prompting banks to adapt to the evolving fintech landscape. As the popularity of BNPL continues to rise, stakeholders in the financial sector are closely monitoring its impact on consumer behavior and credit systems.

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