DIGIVESTASI - The Financial Services Authority (OJK) reported an increase in the number of users of the Buy Now Pay Later (BNPL) feature by the end of 2024. As of November 2024, paylater credit disbursement by banks reached IDR 21.77 trillion.

The Executive Head of the Banking Supervision at OJK, Dian Ediana Rae, stated that BNPL credit products have continued to experience significant annual growth. By November 2024, BNPL credit grew by 42.68% compared to the same period the previous year (year-on-year/yoy).

"As of November 2024, BNPL credit grew by 42.68% yoy," Dian said during the December 2024 Monthly RDK Press Conference (RDKB), via teleconference on Tuesday (January 7, 2025).

However, the disbursement of BNPL credit is still relatively small compared to the total performance of the banking sector, which has a total credit volume of IDR 7,717 trillion. BNPL credit, therefore, contributes about 0.2% of the total existing credit.

Dian also explained that in October 2024, BNPL credit grew by 47.92% to IDR 21.70 trillion, with the number of accounts reaching 24.51 million, compared to 23.27 million accounts in October the previous year.

"This indicates that banks are starting to expand credit for consumption, particularly through the paylater facility," she said.

Furthermore, Dian assessed that this condition reflects the banking sector's attention to the needs of society, particularly for small-sized credits.

"People need credit amounts that can be categorized as small credits," she added.

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