Indonesia Buy Now Pay Later Market Report 2021: BNPL Payments are Expected to Grow by 72.8% to Reach $1537.0 Million in 2021 - Forecast to 2028

Dublin, IRELAND


Dublin, Dec. 01, 2021 (GLOBE NEWSWIRE) -- The "Indonesia Buy Now Pay Later Business and Investment Opportunities (2019-2028) - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics" report has been added to ResearchAndMarkets.com's offering.

According to the Q2 2021 BNPL Survey, BNPL payment in the country is expected to grow by 72.8% on annual basis to reach US$ 1537.0 million in 2021.

Medium to long term growth story of BNPL industry in Indonesia remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 29.2% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 889.7 million in 2020 to reach US$ 9,222.0 million by 2028.

The low credit penetration in Indonesia has provided a substantial boost to the growth of the BNPL industry in the country. The publisher expects the trend to continue from the short to medium-term perspective, as consumers' need to access credit has increased. Additionally, the growing shift from offline stores to online business and the rising e-commerce industry are also expected to support the growth of deferred payment services over the next four to eight quarters in the country.

Several FinTech companies in Indonesia are looking to alleviate this, taking advantage of the opportunity to adopt the BNPL deferred payment method. Notably, about 40% of the global consumers used the split payment service such as BNPL in 2020, primarily because they had no access to a credit card.

Indonesians are also facing the same problem, as more than half of the population in the country remains unbanked, and therefore, lacks access to traditional financing schemes. Consequently, deferred payment services providers are raising funds to provide more consumers with their BNPL services in the country. For instance,

In June 2021, Kredivo raised US$100 million in an expanded debt facility. According to the company, the debt facility will help the company achieve its goal of serving 10 million consumers in Indonesia with its BNPL product offering. As of June 2021, the BNPL provider has more than 3 million consumers using its service in the country.

In a bid to push the adoption of pay later services among the underbanked customers in Indonesia, the deferred payment service providers partnered with state-owned banks to expand their reach.

For instance, launched in 2018, Traveloka PayLater, the pay later service of Indonesia-based online travel platform, partnered with Bank Negara Indonesia (BNI) to further develop its split payment service and to provide more consumers with its BNPL product. This strategic partnership between Traveloka and BNI will provide credit access to underbanked Indonesians.

Reasons to buy

  • Pay later companies are launching innovative products to target more consumers in Indonesia. In February 2021, GoPay PayLater, a BNPL service from GoJek, innovated the Pick Your Limit feature, the first of its kind in a FinTech service in Indonesia. Notably, the feature helps consumers with financial management, wherein users of the GoPay PayLater platform can set their own monthly BNPL usage limit.
  • In-depth Understanding of Buy Now Pay Later Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028). Understand market dynamics through essential KPIs such as Gross Merchandise Value, Volume, and Average Value Per Transaction.
  • Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
  • Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate BNPL strategy; assess market specific key trends, drivers, and risks in the BNPL industry.
  • Get Insights into Consumer Attitude and Behaviour: Drawing from proprietary survey results, this report identifies and interprets key Buy Now Pay Later KPIs, including spend by age, gender, and income level.
  • Market Share by Key Players.

Scope

Indonesia BNPL Market Size and Spending Pattern

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Indonesia Buy Now Pay Later Market Share Analysis by Key Players

  • Kredivo
  • Atome
  • Akulaku
  • Splitit
  • Shopee
  • Home Credit
  • GoJek Paylater
  • Indodana PayLater
  • AfterPay
  • GoPayLater

Indonesia Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast

  • Online Channel
  • POS Channel

Indonesia Buy Now Pay Later in Retail Shopping: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Indonesia Buy Now Pay Later in Home Improvement: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Indonesia Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Indonesia Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Indonesia Buy Now Pay Later in Education: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Indonesia Buy Now Pay Later in Automotive: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Indonesia Buy Now Pay Later Analysis by Consumer Attitude and Behaviour

  • Buy Now Pay Later Sales Uplift by Product Category
  • Buy Now Pay Later Spend Share by Age Group
  • Buy Now Pay Later Gross Merchandise Share by Income
  • Buy Now Pay Later Gross Merchandise Value Share by Gender
  • Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis

For more information about this report visit https://www.researchandmarkets.com/r/6ypte6

 

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