Collaborating with Mastercard and BNI, Kredivo Launches "Infinite Card" Digital Loans

PT FinAccel Finance Indonesia through Kredivo is currently intensively expanding access to digital credit through a number of collaborations. This time, Kredivo launched "Infinite Card" in collaboration with global electronic payment network provider MasterCard.

Infinite Card is a virtual credit card that can be used to transact in all E-commerce and platforms online included in the partner network merchant. Kredivo cooperate with BNI as a loan partner in Infinite Card.

Users can transact with Infinite Card using a loan limit Kredivo which has a maximum ceiling of up to 30 million Rupiah. Users also just need to enter some card details (credential) when making a payment at online merchant.

The interest charged on Infinite Card transactions is the same as interest Kredivo, including 0% for a tenor of 30 days and 3 months; and 2,6% interest per month for 6-12 month installments. A number of merchant who have received Infinite Cards, such as Gojek, Grab, Shopee, and Traveloka. 

According to Krishnadas VP Business Development FinAccel, this collaboration has a strong added value considering that MasterCard has: acceptance with its position as the world's leading payment technology. MasterCard has also partnered with millions merchant.

"Therefore, we can also provide digital loans with acceptance point which is infinite to accommodate the needs of our 5 million users," said Krishnadas at the virtual launch event.

The main purpose Kredivo is to be able to reach people at various levels as providers of payment methods open loop, especially in the retail sector which has been the strength of its digital credit services in Indonesia. 

Meanwhile, Mastercard Indonesia Country Manager Navin Jain added that this collaboration also supports the government's agenda to increase financial inclusion and encourage penetration cashless in the country.

Services co-branding Kredivo

Before this, Kredivo have done the strategy co-brandingPayLater through collaboration with PT Bank Sahabat Sampoerna (Bank Sampoerna) to present Flexi Card. Unlike the Infinite Card, the card paylater This is in physical form and can be used for online transactions offline through the National Payment Gateway (GPN) network. 

However, all Infinite Card and Flexi Card transaction activities can be monitored through the application Kredivo. The interest scheme charged is also the same as the interest offered Kredivo.

Strategy co-branding In fact, it has been widely used by a number of lending and banking platforms. The advantage is that both parties can take advantage of each other's ecosystems to reach new customer bases or market segments.

Several digital platforms have also launched similar initiatives by cooperating with banks as loan providers. For example, credit cards Traveloka PayLater Card with BRI. This product offers the advantage of a verification process that only takes a maximum of 1 day. Traveloka also cooperates with Mandiri for similar products.

Then, there is also a credit card co-branding collaboration between Blibli and BCA. This collaboration is aimed at increasing online shopping transactions on the e . platform-commerce.

Based on the Mastercard New Payment Index 2021 survey, consumers have increased expectations as technology-based payment transactions become easier. Because of this, business people are required to be able to present various payment and purchase options. 

MasterCard reports that 80% of respondents agree to prefer shopping at stores that have an offline and online presence, 69% prefer to shop at retail stores that offer the latest payment options, and 60% of them avoid merchants that do not accept e-payment options.