Buy Now Pay Later: How Legit is This Business?

Paylater services, part of digital financial innovation, are being developed by banks.

Stefanus Arief Setiaji

7 Jul 2024 - 21.36
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Buy Now Pay Later: How Legit is This Business?

Illustration of buy now pay later

Bisnis, JAKARTA — Deferred payment services, known as Buy Now Pay Later (BNPL), are gaining traction in the financial sector. Not only are they attracting business players in financing, but banking sectors are also eyeing this market.

The BNPL scheme allows users to purchase products or services and pay for them in instalments over a specified period. Typically, providers offer instalment options ranging up to 12 months.

There are two models of paylater services: closed loop and open loop. In the closed loop model, paylater services are limited to transactions within the provider's platform. Funds available on the platform cannot be used for transactions on other platforms.

On the other hand, the open loop model allows users to use paylater services not only within the provider's platform but also for transactions on other platforms.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.