JULO Releases Quick Access Feature for Digital Credit Transactions

Startups JULO officially introduces the "KliKilat" one-click transaction feature on the Digital Credit service. This feature allows customers to enhance the transaction experience to be faster and more practical without entering information repeatedly.

KliKilat can be used when processing transactions where customers can access their favorite transactions from the main page. With this feature, customers no longer need to input the amount until the tenor period of the loan because the credential information is already stored. The customer only needs to input the PIN, approval on the agreement letter, and a summary of the bill.

Delivered in his official statement, JULO Chief Technology Officer Manoj Awasthi said that KliKilat prioritizes customer security factors from the risk of unauthorized transactions through identification of PINs and approval of agreements.

"If limit If credit is insufficient, customers can easily adjust transaction amounts so they still have control over their spending and avoid overspending limit available," said Awasthi.

For your information, Digital Credit launched in 2021 to expand the loan ceiling function so that it can be used for various types of transactions. Initially, the JULO loan ceiling only applies to cash loans transferred to the borrower's account.

This function was then extended to all JULO cash and non-cash services, from withdrawing funds, sending funds, top up digital wallet, payment E-commerce and bills, to educational expenses.

Quoted from the official website, the total accumulated loans that have been disbursed by JULO since its establishment amounted to IDR 9,87 trillion with a total of 1,4 million borrowers and 1 million active borrowers. loan totals outstanding recorded at IDR 1,06 trillion. JULO claims that 70% of its credit is used for productive purposes.

Happen paylater

Paylater is a financial service that is widely used by the people of Indonesia. The ease of submission to affordability at various online merchants is one of the factors for the high usage of this service. 

Based on reports Kredivo and Katadata Insight Center (KIC), paylater became a stimulus for people's purchasing power in shopping online with a percentage of 16,2%, outperforming the bank transfer method (10,2%) in fourth place. The top sequence is filled by e-wallets (46,8%) and cash/cod (22,6%). 

This report also finds a consistent increase in transactions in tier 2 and tier cities since 2020. This indicates that people's purchasing power in this region is starting to grow and penetration E-commerce to areas that are increasingly widespread post-pandemic.

Besides JULO, a number of platforms paylater closely related to e-commerce services is Shopee Paylater, Kredivo, Akulaku, down to Atome. There is also GoPay Later which is widely used for services on-demand, such as transportation and ordering food.

Although not as dominant as the platform paylater in the e-commerce ecosystem, JULO also allows cash loans, competing with similar platforms, such as Kredivo, Akulaku, Indodana, to Smart Credit.

JULO has also recently expanded its share into facilities student loans apart from that some players stopped their services, namely KoinPintar and Pintek. Now that leaves Danacita, CICIL, Danadidik, and Edufund which provide educational loans.