KoinWorks Has Disbursed 52 Billion Rupiah in KoinPaylater Financing Since Its Release

Paylater is a payment method that is increasingly in demand, especially among the millennial and Z generations survey Katadata Insight Center (KIC) revealed that the use of the paylater method is more than the use of credit cards. Credit cards are used by 7,6% of millennials and Gen Z, while paylaters are used almost twice as much (13,6%).

One that sees potential in this sector is Koinworks, which in the fourth quarter of 2022 launched Koinpaylater, a buy now pay later (BNPL) product line designed to help MSME players access goods, raw materials, or business operational needs quickly and efficiently. safe.

In a press release received by Dailysocial, at least 52 billion Rupiah has been disbursed by KoinWorks to meet the financing needs of MSMEs through the KoinPaylater product.

Benedicto Haryono, CEO and Co-Founder of KoinWorks provided information on this matter. “Financing through products pay later is a new opportunity to provide capital with a scheme that is increasingly relevant to the needs of MSMEs. It is hoped that more and more business people will take advantage of KoinPaylater, so that their customers can shop more comfortably, as well as manage cash flow do better," he said.

KoinPaylater itself offers quite an attractive scheme, a loan limit of up to 2 billion rupiah and a maximum tenor of 180 days. The ease of registration and submission is also an added value that is trying to be offered to potential partners. For ease of transaction, KoinWorks continues to expand their BNPL service network by collaborating with a number of partners ranging from suppliers, marketplaces, to B2B players in various sectors such as pharmaceuticals, agriculture, construction, FMCG, fisheries and other industries.

KoinPaylater comes with a digital platform for loan applications of up to 50 million rupiah. Thanks to the instant approval process, customers can apply for loans and get answers immediately on the same day.

According to research results Kredivo and Katadata Insight Center, paylater has become a driving force for people's purchase rate in online shopping with a percentage reaching 16,2%. This percentage is superior to the bank transfer method which is in fourth place with a percentage of 10,2%. The first place is occupied by e-wallets with a percentage of 46,8%, followed by cash/cash on delivery with a percentage of 22,6%.

Director of the Center of Economic and Law Studies Bhima Yudhistira stated that paylaters have provided significant benefits in providing safe, affordable and easy access to credit for almost all levels of society. This study also reveals that paylater is not only used in urgent situations, but also as an efficient payment method in daily transactions.

Meanwhile based on DailySocial survey, the Shopee Paylater service is the top choice for consumers with a percentage of usage reaching 78,4% throughout 2021. In second place, Gopay Later is the pay later feature that is most in demand by the public, used by 33,8% of the total respondents. Furthermore, Kredivo ranks third with 23,2% of respondents using the paylater feature in their services.

Not to forget, the service Akulaku also has a significant usage share, namely 20,4%. Meanwhile, Traveloka PayLater is used by 8,6% of consumers. As for the paylater feature at Indodana and Home Credit, 3,3% and 2,8% of consumers respectively use it.

The remaining 0,4% of consumers use the paylater feature in other services. The results of this survey provide an overview of consumer preferences for paylater services on the market.