Akulaku, a banking and digital fintech platform, announced the Akulaku PayLater partnership with Alipay+, which will allow Indonesian consumers to use its BNPL solution Akulaku PayLater at Alipayplus’ global merchants. Alipay+, a suite of global digital payments and marketing solution technologies, will now include Akulaku PayLater among its supported digital payment methods, and merchants will be able to access Akulaku PayLater as a valid payment method.
What is BNPL offering the Indonesian consumer?
Indonesian consumers & merchants have quickly adopted Akulaku PayLater since its launch in 2016 (previously Akucicil). The platform’s Buy Now Pay Later functionality provides individuals with limited credit history 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. “This partnership will lead to a more advanced and convenient financial landscape for customers in Indonesia and throughout other areas around Southeast Asia,” said Fan Zhang, Chief Financial Officer of Akulaku.
“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,” Fan zhang added.
What is BNPL promoting Indonesia’s online commerce?
According to market research firm eCommerceDB, the Indonesian online commerce market grew 32% in 2021 making it the ninth worldwide. Over the next five years, the Indonesian eCommerce market is projected to grow at a yearly rate of 10%, making this partnership a timely solution to meeting the increased demand from consumers for online shopping.
Over 4,000 merchants are already on Akulaku PayLater system online. Over the next 2yrs, Akulaku aims to serve 10,000 online merchants & over 100,000 offline stores with BNPL.
Cheng Guoming, General Manager, Global Partnerships at Alipay+ said, “As a new and rapidly adopted digital payment method, BNPL brings inclusive financial services to the underbanked communities. We see buy now pay later as an important part of the digital payment ecosystem, and are excited to partner with Akulaku PayLater to enable Indonesia and other potential markets to enjoy seamless and convenient cross-border payment services.”
Introduced in 2020, Alipay+ is designed to enable global businesses, especially small and medium-sized businesses, to accept digital payment methods from various countries and reach hundreds of millions of regional and global consumers. Akulaku and Alipay+ are also exploring opportunities to extend their partnership to other markets in and around Southeast Asia.