PROGRES.ID – Bank Mandiri, one of the big banks in Indonesia, is preparing to launch the Livin’ Paylater service as part of the banking industry’s effort to explore the Buy Now Pay Later (BNPL) business. This plan was announced by Bank Mandiri’s IT Director, Timothy Utama, during a performance presentation for the first quarter of 2023 in April.
At the time of the announcement, Timothy stated that Bank Mandiri plans to launch this service in the second quarter of 2023. The Livin’ Paylater service will be available through the Livin’ superapp platform owned by Bank Mandiri.
Bank Mandiri’s Corporate Secretary, Rudi As Aturridha, explained that currently, the Livin’ Paylater service is only available to selected customers who have received offers from Bank Mandiri. These selected customers are usually existing customers who have been whitelisted by the bank according to the Livin’ Paylater product terms.
“For now, only selected customers can get the Livin’ Paylater offer from Bank Mandiri through their Livin’ app. We do this to ensure the best experience for our customers. The selected customers are also existing customers who have been whitelisted by Bank Mandiri in accordance with the Livin’ Paylater product terms,” Rudi explained, as quoted from CNBC Indonesia on Friday (6/10/2023).
Rudi also explained that the application and payment process for Livin’ Paylater for selected customers is very easy and fast. Customers can apply for this service directly through the Livin’ by Mandiri app by providing their personal information.
For the general public, Bank Mandiri plans to make Livin’ Paylater available widely no later than the end of 2023. Bank Mandiri hopes that this service will become a reliable and simple digital banking solution for managing finances for its customers.
In addition to Bank Mandiri, several other major banks in Indonesia, such as BCA and CIMB Niaga, have also launched or plan to launch BNPL products in response to the rapid growth in this industry.
The use of BNPL has increased significantly, with the outstanding debt from BNPL reaching trillions of rupiahs in the first half of 2023. Bank Mandiri hopes that the Livin’ Paylater service will be a reliable and secure alternative for its customers to manage their finances amid the proliferation of illegal online loans.