PROGRES.ID – The Buy Now Pay Later (BNPL) or paylater service industry is growing rapidly. The recent entry of BCA into the paylater business has added a new dimension to the competition in this credit facility business. Previously, digital wallet companies, e-commerce platforms, and ride-hailing services had already explored this business.
Basically, paylater is a service that allows payment to be postponed or made in the form of debt that must be settled at a specified time. As part of a loan facility, there is usually an interest charge imposed on the loan recipient. Here is a comparison of interest rates for paylater services offered by BCA Paylater, Shopee Paylater, GoPay Later, and Kredivo:
BCA Paylater recently entered the paylater business through the MyBCA app. This facility can be used as an alternative payment method by scanning QRIS codes. According to official information, BCA Paylater offers a flat interest rate of 2% per month with tenor options of 1, 3, 6, and 12 months. In addition, there is a late payment penalty of 3% of the total bill, and an accelerated settlement fee of Rp 100,000. These fees do not include taxes as per applicable regulations. BCA Paylater provides a credit limit ranging from Rp 1 to 20 million. Currently, BCA Paylater is running a special promotion valid until March 31, 2024, with 0% interest for one and three-month installments until January 31, 2024, and 1.25% interest for six and twelve-month installments until March 31, 2024, with a minimum transaction amount of Rp 100,000.
Interest rates in Shopee Paylater start at a minimum of 2.95% for the “Buy Now Pay Later” program that must be settled within 1 month. For installment programs, interest rates will be adjusted based on the installment period, which can be three, six, and 12 months. Additionally, Shopee Paylater charges a handling fee of 1%. For example, if someone purchases items worth Rp 100,000 and chooses the one-month Paylater option, the total amount to be paid for the item at the due date is Rp 103,950. Shopee Paylater also imposes fines for users who are late in paying their bills, with a penalty of 5% per month on the total bill.
GoPay Later has a maximum loan limit of Rp 30 million. Fees start at 2% per transaction, and there may be additional monthly fees. For a 6-month tenor, the interest charged is 6.75% per month, while for a 12-month tenor, the loan interest is 2.63% per month. GoPay Later can be used through the Tokopedia app, Gojek app, and online stores. Bill payments can be made through GoPay, BCA Virtual Account via the Gojek and Tokopedia apps, or through 50 other payment methods on Tokopedia. GoPay Later also has two different billing schemes depending on the transaction date, which are from the 1st to the 14th and from the 15th to the 30th or 31st.
Transactions that must be paid within 30 days with Kredivo will incur a service fee of 1% (minimum Rp 1,000) of the transaction value. For 3-month installment transactions, the service fee is 6% of the transaction value for Premium account users and 9% for Basic account users. Meanwhile, 6 and 12-month installment transactions will incur interest of 2.6% per month without additional service fees. There are no registration fees or annual fees. Kredivo provides a credit limit of up to Rp 3.5 million for 30-day payments and up to Rp 50 million for installment payments.