Indonesia-based digital banking and finance platform Akulaku has introduced new features on its buy now pay later (BNPL) platform called Akulaku PayLater.
The move comes after the company launched Akulaku PayLater earlier this year in a bid to help customers manage their finances digitally. The offering provides the customers with access to quick credit for purchases and then repay the amount in manageable increments.
The facility particularly benefits people with little or no credit history.
The solution aims to empower consumers and expand capabilities at a time when BNPL space is booming across the world amid the Covid-19 pandemic.
So far, around 4,000 merchants became a part of the Akulaku PayLater system. It has been used by customers across 40,000 offline stores throughout Indonesia.
Recently, Akulaku added a new instant checkout feature enabling users to combine their logins for merchant platforms and PayLater.
Akulaku CFO Fan Zhang said: “Indonesia’s BNPL sector has a strong future. As countries in Southeast Asia continue to recover post-Covid-19 lockdowns, the overall credit market will continue to grow at an expedited rate.
“Akulaku is committed to innovation through enhancing our core tech and risk capabilities, as well as by developing additional technological and financial products and services. We plan to expand our partnerships with merchants both online and offline in the coming years.”
The company now plans to expand its BNPL offering over the following two years to serve 10,000 online merchants and more than 100,000 offline stores.