Summary

According to PayNXT360, BNPL payments in the country are expected to grow by 16.8% on an annual basis to reach US$5,150.0 million in 2024.

The medium to long-term growth story of the BNPL industry in the country remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 11.2% during 2024-2029. The BNPL gross merchandise value in the country will increase from US$4,410.8 million in 2023 to reach US$8,743.3 million by 2029.The rising inflation, coupled with the decline in disposable income, has led millions of Indonesians towards buy now pay later schemes over the last 12 months. PayNXT360 expects the adoption to further grow in the Indonesian market, supporting industry growth over the medium term. However, the number of consumers falling into a debt trap is also rising at a rapid pace.
The booming e-commerce market and a large unbanked population are among the leading growth drivers for the BNPL market. These factors will continue to support the market growth in 2024. In Southeast Asia, Indonesia is expected to lead the regional growth of the BNPL industry over the next two years. Overall, PayNXT360 maintains a robust growth outlook for the industry in Indonesia from the short to medium-term perspective.

Indonesia will lead the growth of the regional buy now pay later market over the next two years

In Southeast Asia, more and more consumers are getting online and using smartphones. This, coupled with the region's growing online shopping market and the fact that many do not have access to traditional bank accounts, has created the perfect growth environment for alternative payment solution providers, like BNPL firms.

While the sector is poised to grow across the region, Indonesia is expected to lead the industry growth over the next two years. According to a report from International Data Corporate, Indonesia will make up to 58% of all the buy now pay later spends on e-commerce platforms by 2025.

BNPL firms are projected to raise funding rounds to scale their business and drive growth in 2024

Adoption of buy now pay later schemes has surged significantly over the last 12 months in Indonesia, and this trend is projected to continue further over the medium term across the country. Consequently, providers are planning to scale their product offerings, while targeting higher growth in the sector.
• Finture and Kredivo are among the players that have raised venture capital and private equity funding in the Indonesian BNPL market in 2023. Finture, for instance, raised US$20 million in a funding round in July 2023. The investment was led by Chinese firm XVC. Kredivo, on the other hand, raised US$270 million in a funding round led by Japanese firm Mizuho Bank. The firm is planning to use the capital to better serve the credit demand among underbanked consumers.
Going forward, in 2024, PayNXT360 expects more such BNPL providers to raise venture capital and private equity funding in Indonesia. This will support innovation and a competitive landscape in the sector, driving market growth from the short to medium-term perspective.

The Financial Services Authority has imposed restrictions on Akulaku’s BNPL operations in Indonesia

The Financial Services Authority (OJK), in October 2023, placed limitations on the domestic BNPL firm Akulaku. This action comes as a response to Akulaku's failure to comply with supervisory measures requested by the OJK. As a result of this, OJK has restricted the distribution of financing through the BNPL scheme.

Akulaku is not allowed to engage in new BNPL activities or offer BNPL financing to existing customers. The firm is also prohibited from distributing financing through channeling or joint financing schemes. The OJK has instructed Akulaku to follow a corrective action plan that was submitted to the regulator on October 5, 2023.

The BNPL payment industry in Indonesia has recorded strong growth over the last four quarters, supported by increased e-commerce penetration.

This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.

It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.

PayNXT360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.


• Get a comprehensive understanding of market dynamics for Buy Now Pay Later: Identify market opportunities, major trends, and forecasting (2020-2029). Understand market trends through crucial KPIs like Gross Merchandise Value, Volume, and Average Value per Transaction, to stay ahead of the curve.

• Insights by end-use sectors: Evaluate new opportunities across multiple end-use sectors, and obtain market dynamics by end-use sectors in order to swiftly catch up with the latest and upcoming developments in BNPL markets.

• Market-specific strategies: Identify growth segments focused on specific opportunities, and analysing market-specific risks and important trends in the BNPL sector with our exclusive blend of quantitative forecasting and innovative insights.

• Gain knowledge of consumer attitudes and actions: This report identifies and interprets important Buy Now Pay Later KPIs, such as spend by age, gender, and income level, using data from a proprietary survey.

• Develop proactive and lucrative business strategies through market intelligence and forward-looking analysis of BNPL market spend and major opportunities in Indonesia.

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Table of Contents

1 About this Report
1.1 Summary
1.2 Methodology
1.3 BNPL Definitions
1.4 Disclaimer

2 Indonesia Buy Now Pay Later Industry Attractiveness
2.1 Indonesia Buy Now Pay Later – Gross Merchandise Value Trend Analysis, 2020-2029
2.2 Indonesia Buy Now Pay Later – Average Value Per Transaction Trend Analysis, 2020-2029
2.3 Indonesia Buy Now Pay Later—Transaction Volume Trend Analysis, 2020-2029
2.4 Indonesia Buy Now Pay Later Market Share Analysis by Key Players

3 Indonesia Buy Now Pay Later Operational KPIs
3.1 Buy Now Pay Later Revenues, 2020-2029
3.2 Buy Now Pay Later Share by Revenue Segments, 2020-2029
3.2.1 Buy Now Pay Later Revenue by Merchant Commission, 2020-2029
3.2.2 Buy Now Pay Later Revenue by Missed Payment Fee Revenue, 2020-2029
3.2.3 Buy Now Pay Later Revenue by Pay Now & Other Income, 2020-2029
3.3 Buy Now Pay Later Active Consumer Base, 2020-2029
3.4 Buy Now Pay Later Bad Debt, 2020 – 2024 – 2029

4 Buy Now Pay Later Spend Analysis by Business Model, 2020-2029
4.1 Buy Now Pay Later Two-Party Business Model, 2020-2029
4.2 Buy Now Pay Later Three-Party Business Model, 2020-2029

5 Buy Now Pay Later Spend Analysis by Purpose, 2020-2029
5.1 Buy Now Pay Later Convenience, 2020-2029
5.2 Buy Now Pay Later Credit, 2020-2029

6 Buy Now Pay Later Spend Analysis by Functional Attribute, 2020-2029
6.1 Buy Now Pay Later by Open Loop System, 2020-2029
6.2 Buy Now Pay Later by Closed Loop System, 2020-2029

7 Buy Now Pay Later Spend Analysis by Distribution Model, 2020-2029
7.1 Buy Now Pay Later by Standalone, 2020-2029
7.2 Buy Now Pay Later by Banks & Payment Service Providers, 2020-2029
7.3 Buy Now Pay Later by Marketplaces, 2020-2029

8 Indonesia Buy Now Pay Later Spend Analysis by Sales Channel
8.1 Buy Now Pay Later Market Share by Sales Channel, 2020-2029
8.2 Buy Now Pay Later Online Channel Market Size and Forecast, 2020-2029
8.3 Buy Now Pay Later POS Channel Market Size and Forecast, 2020-2029

9 Indonesia Buy Now Pay Later Snapshot by End-Use Sector, 2020-2029
9.1 Buy Now Pay Later Market Share by End-Use Sector, 2023
9.2 Buy Now Pay Later Sales Uplift by End-Use Segment, 2023

10 Indonesia Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029
10.1 Indonesia Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis, 2020-2029
10.2 Indonesia Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis, 2020-2029
10.3 Indonesia Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis, 2020-2029

11 Indonesia Buy Now Pay Later Market Size and Forecast by Retail Product Categories
11.1 Buy Now Pay Later Share by Retail Product Category, 2023
11.2 Indonesia Buy Now Pay Later Retail Shopping - Apparel, Footwear & Accessories – Gross Merchandise Value Trend Analysis, 2020-2029
11.3 Indonesia Buy Now Pay Later Retail Shopping - Consumer Electronics – Gross Merchandise Value Trend Analysis, 2020-2029
11.5 Indonesia Buy Now Pay Later Retail Shopping - Toys, Kids, and Babies – Gross Merchandise Value Trend Analysis, 2020-2029
11.6 Indonesia Buy Now Pay Later Retail Shopping - Jewellery – Gross Merchandise Value Trend Analysis, 2020-2029
11.7 Indonesia Buy Now Pay Later Retail Shopping - Sporting Goods – Gross Merchandise Value Trend Analysis, 2020-2029
11.8 Indonesia Buy Now Pay Later Retail Shopping - Entertainment & Gaming – Gross Merchandise Value Trend Analysis, 2020-2029
11.9 Indonesia Buy Now Pay Later Retail Shopping - Others – Gross Merchandise Value Trend Analysis, 2020-2029

12 Indonesia Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2020-2029
12.1 Indonesia Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis, 2020-2029
12.2 Indonesia Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis, 2020-2029
12.3 Indonesia Buy Now Pay Later Home Improvement – Transaction Volume Trend Analysis, 2020-2029

13 Indonesia Buy Now Pay Later in Travel: Market Size and Forecast, 2020-2029
13.1 Indonesia Buy Now Pay Later Travel – Gross Merchandise Value Trend Analysis, 2020-2029
13.2 Indonesia Buy Now Pay Later Travel – Average Value Per Transaction Trend Analysis, 2020-2029
13.3 Indonesia Buy Now Pay Later Travel – Transaction Volume Trend Analysis, 2020-2029

14 Indonesia Buy Now Pay Later in Media and Entertainment: Market Size and Forecast, 2020-2029
14.1 Indonesia Buy Now Pay Later Media and Entertainment – Gross Merchandise Value Trend Analysis, 2020-2029
14.2 Indonesia Buy Now Pay Later Media and Entertainment – Average Value Per Transaction Trend Analysis, 2020-2029
14.3 Indonesia Buy Now Pay Later Media and Entertainment – Transaction Volume Trend Analysis, 2020-2029

15 Indonesia Buy Now Pay Later in Service: Market Size and Forecast, 2020-2029
15.1 Indonesia Buy Now Pay Later Service – Gross Merchandise Value Trend Analysis, 2020-2029
15.2 Indonesia Buy Now Pay Later Service – Average Value Per Transaction Trend Analysis, 2020-2029
15.3 Indonesia Buy Now Pay Later Service – Transaction Volume Trend Analysis, 2020-2029

16 Indonesia Buy Now Pay Later in Automotive: Market Size and Forecast, 2020-2029
16.1 Indonesia Buy Now Pay Later Automotive – Gross Merchandise Value Trend Analysis, 2020-2029
16.2 Indonesia Buy Now Pay Later Automotive – Average Value Per Transaction Trend Analysis, 2020-2029
16.3 Indonesia Buy Now Pay Later Automotive – Transaction Volume Trend Analysis, 2020-2029

17 Indonesia Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029
17.1 Indonesia Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis, 2020-2029
17.2 Indonesia Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis, 2020-2029
17.3 Indonesia Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis, 2020-2029

18 Indonesia Buy Now Pay Later in Others: Market Size and Forecast, 2020-2029
18.1 Indonesia Buy Now Pay Later Others – Gross Merchandise Value Trend Analysis, 2020-2029
18.2 Indonesia Buy Now Pay Later Others – Average Value Per Transaction Trend Analysis, 2020-2029
18.3 Indonesia Buy Now Pay Later Others – Transaction Volume Trend Analysis, 2020-2029

19 Indonesia Buy Now Pay Later Analysis by Consumer Attitude and Behaviour, 2020-2029
19.1 Buy Now Pay Later Spend Share by Age Group, 2023
19.1.1 Indonesia Buy Now Pay Later by Age Group – Gen Z (15-27) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.2 Indonesia Buy Now Pay Later by Age Group – Millennials (28–44) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.3 Indonesia Buy Now Pay Later by Age Group – Gen X (45 – 60) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.4 Indonesia Buy Now Pay Later by Age Group – Baby Boomers (60+) – Gross Merchandise Value Trend Analysis, 2020-2029
19.2 Buy Now Pay Later Spend Share by Default Rate by Age Group, 2023
19.3 Buy Now Pay Later Share by Income, 2023
19.3.1 Indonesia Buy Now Pay Later by Income Level – Tier 1 – Gross Merchandise Value Trend Analysis, 2020-2029
19.3.2 Indonesia Buy Now Pay Later by Income Level – Tier 2 – Gross Merchandise Value Trend Analysis, 2020-2029
19.3.3 Indonesia Buy Now Pay Later by Income Level – Tier 3 – Gross Merchandise Value Trend Analysis, 2020-2029
19.4 Buy Now Pay Later Gross Merchandise Value Share by Gender, 2023
19.5 Buy Now Pay Later Adoption Rationale, 2023
19.6 Indonesia Buy Now Pay Later Market – Spend by Average Monthly Expense Segments, 2023

20 Further Reading
20.1 About PayNXT360
20.2 Related Research

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List of Tables/Graphs

Table 1: Indonesia Buy Now Pay Later – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 2: Indonesia Buy Now Pay Later – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 3: Indonesia Buy Now Pay Later – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 4: Indonesia Buy Now Pay Later – Revenues (US$ Million), 2020-2029
Table 5: Indonesia Buy Now Pay Later – Merchant Commission (US$ Million), 2020-2029
Table 6: Indonesia Buy Now Pay Later – Missed Payment Fee Revenue (US$ Million), 2020-2029
Table 7: Indonesia Buy Now Pay Later Pay Now – Other Income (US$ Million), 2020-2029
Table 8: Indonesia Buy Now Pay Later – Active Consumer Base (Thousand), 2020-2029
Table 9: Indonesia Buy Now Pay Later – Bad Debt (US$ Million), 2022-2024-2029
Table 10: Indonesia Buy Now Pay Later – Two-Party Business Model (US$ Million), 2020-2029
Table 11: Indonesia Buy Now Pay Later – Three-Party Business Model (US$ Million), 2020-2029
Table 12: Indonesia Buy Now Pay Later – Convenience (US$ Million), 2020-2029
Table 13: Indonesia Buy Now Pay Later – Credit (US$ Million), 2020-2029
Table 14: Indonesia Buy Now Pay Later – Open Loop System (US$ Million), 2020-2029
Table 15: Indonesia Buy Now Pay Later – Closed Loop System (US$ Million), 2020-2029
Table 16: Indonesia Buy Now Pay Later – Standalone (US$ Million), 2020-2029
Table 17: Indonesia Buy Now Pay Later – Banks & Payment Service Providers (US$ Million), 2020-2029
Table 18: Indonesia Buy Now Pay Later – Marketplaces (US$ Million), 2020-2029
Table 19: Indonesia Buy Now Pay Later – Gross Merchandise Value by Online Channel (US$ Million), 2020-2029
Table 20: Indonesia Buy Now Pay Later – Gross Merchandise Value by POS Channel (US$ Million), 2020-2029
Table 21: Indonesia Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 22: Indonesia Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 23: Indonesia Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 24: Indonesia Buy Now Pay Later Retail Shopping - Apparel, Footwear & Accessories – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 25: Indonesia Buy Now Pay Later Retail Shopping - Consumer Electronics – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 26: Indonesia Buy Now Pay Later Retail Shopping - Toys, Kids, and Babies – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 27: Indonesia Buy Now Pay Later Retail Shopping - Jewellery – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 28: Indonesia Buy Now Pay Later Retail Shopping - Sporting Goods – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 29: Indonesia Buy Now Pay Later Retail Shopping - Entertainment & Gaming – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 30: Indonesia Buy Now Pay Later Retail Shopping - Others – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 31: Indonesia Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 32: Indonesia Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 33: Indonesia Buy Now Pay Later Retail Shopping Home Improvement – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 34: Indonesia Buy Now Pay Later Travel – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 35: Indonesia Buy Now Pay Later Travel – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 36: Indonesia Buy Now Pay Later Travel – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 37: Indonesia Buy Now Pay Later Media and Entertainment – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 38: Indonesia Buy Now Pay Later Media and Entertainment – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 39: Indonesia Buy Now Pay Later Media and Entertainment – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 40: Indonesia Buy Now Pay Later Service – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 41: Indonesia Buy Now Pay Later Service– Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 42: Indonesia Buy Now Pay Later Service – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 43: Indonesia Buy Now Pay Later Automotive – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 44: Indonesia Buy Now Pay Later Automotive – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 45: Indonesia Buy Now Pay Later Automotive – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 46: Indonesia Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 47: Indonesia Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 48: Indonesia Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 49: Indonesia Buy Now Pay Later Others – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 50: Indonesia Buy Now Pay Later Others – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 51: Indonesia Buy Now Pay Later Others – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 52: Indonesia Buy Now Pay Later by Age Group – Gen Z (15-27) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 53: Indonesia Buy Now Pay Later by Age Group – Millennials (28–44) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 54: Indonesia Buy Now Pay Later by Age Group – Gen X (45 – 60) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 55: Indonesia Buy Now Pay Later by Age Group – Baby Boomers (60+) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 56: Indonesia Buy Now Pay Later by Income Level – Tier 1 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 57: Indonesia Buy Now Pay Later by Income Level – Tier 2 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 58: Indonesia Buy Now Pay Later by Income Level – Tier 3 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029