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Indonesia Buy Now Pay Later Business and Investment Opportunities

Indonesia Buy Now Pay Later Business and Investment Opportunities

The low credit penetration in Indonesia has provided a substantial boost to the growth of the BNPL industry in the country. PayNXT360 expects the trend to continue from the short to medium-term perspe...

Indonesia Buy Now Pay Later Business and Investment Opportunities – 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics
Summary
The low credit penetration in Indonesia has provided a substantial boost to the growth of the BNPL industry in the country. PayNXT360 expects the trend to continue from the short to medium-term perspective, as consumers' need to access credit has increased. Additionally, the growing shift from offline stores to online business and the rising e-commerce industry are also expected to support the growth of deferred payment services over the next four to eight quarters in the country. According to PayNXT360’s Q2 2021 BNPL Survey, BNPL payment in the country is expected to grow by 72.8% on annual basis to reach US$ 1537.0 million in 2021.

Several FinTech companies in Indonesia are looking to alleviate this, taking advantage of the opportunity to adopt the BNPL deferred payment method. Notably, about 40% of the global consumers used the split payment service such as BNPL in 2020, primarily because they had no access to a credit card. Indonesians are also facing the same problem, as more than half of the population in the country remains unbanked, and therefore, lacks access to traditional financing schemes. Consequently, deferred payment services providers are raising funds to provide more consumers with their BNPL services in the country. For instance, 

In June 2021, Kredivo raised US$100 million in an expanded debt facility. According to the company, the debt facility will help the company achieve its goal of serving 10 million consumers in Indonesia with its BNPL product offering. As of June 2021, the BNPL provider has more than 3 million consumers using its service in the country.

In a bid to push the adoption of pay later services among the underbanked customers in Indonesia, the deferred payment service providers partnered with state-owned banks to expand their reach. For instance, launched in 2018, Traveloka PayLater, the pay later service of Indonesia-based online travel platform, partnered with Bank Negara Indonesia (BNI) to further develop its split payment service and to provide more consumers with its BNPL product. This strategic partnership between Traveloka and BNI will provide credit access to underbanked Indonesians.

Medium to long term growth story of BNPL industry in Indonesia remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 29.2% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 889.7 million in 2020 to reach US$ 9,222.0 million by 2028.
Scope
This report provides in-depth, data-centric analysis of Buy Now Pay Later industry in Indonesia. Below is a summary of key market segments:
Indonesia BNPL Market Size and Spending Pattern
•	Gross Merchandise Value Trend Analysis 
•	Average Value Per Transaction Trend Analysis 
•	Transaction Volume Trend Analysis 

Indonesia Buy Now Pay Later Market Share Analysis by Key Players
Indonesia Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
•	Online Channel
•	POS Channel
Indonesia Buy Now Pay Later in Retail Shopping: Market Size and Forecast
•	Gross Merchandise Value Trend Analysis 
•	Average Value Per Transaction Trend Analysis 
•	Transaction Volume Trend Analysis 
Indonesia Buy Now Pay Later in Home Improvement: Market Size and Forecast
•	Gross Merchandise Value Trend Analysis 
•	Average Value Per Transaction Trend Analysis 
•	Transaction Volume Trend Analysis
Indonesia Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
•	Gross Merchandise Value Trend Analysis 
•	Average Value Per Transaction Trend Analysis 
•	Transaction Volume Trend Analysis
Indonesia Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
•	Gross Merchandise Value Trend Analysis 
•	Average Value Per Transaction Trend Analysis 
•	Transaction Volume Trend Analysis
Indonesia Buy Now Pay Later in Education: Market Size and Forecast
•	Gross Merchandise Value Trend Analysis 
•	Average Value Per Transaction Trend Analysis 
•	Transaction Volume Trend Analysis
Indonesia Buy Now Pay Later in Automotive: Market Size and Forecast
•	Gross Merchandise Value Trend Analysis 
•	Average Value Per Transaction Trend Analysis 
•	Transaction Volume Trend Analysis
Indonesia Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
•	Buy Now Pay Later Sales Uplift by Product Category
•	Buy Now Pay Later Spend Share by Age Group
•	Buy Now Pay Later Gross Merchandise Share by Income 
•	Buy Now Pay Later Gross Merchandise Value Share by Gender
•	Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis
Reason to buy
• Pay later companies are launching innovative products to target more consumers in Indonesia. In February 2021, GoPay PayLater, a BNPL service from GoJek, innovated the Pick Your Limit feature, the first of its kind in a FinTech service in Indonesia. Notably, the feature helps consumers with financial management, wherein users of the GoPay PayLater platform can set their own monthly BNPL usage limit.

• In-depth Understanding of Buy Now Pay Later Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028). Understand market dynamics through essential KPIs such as Gross Merchandise Value, Volume, and Average Value Per Transaction.

• Insights into Opportunity by end-use sectors – Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.

• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate BNPL strategy; assess market specific key trends, drivers, and risks in the BNPL industry.

• Get Insights into Consumer Attitude and Behaviour: Drawing from proprietary survey results, this report identifies and interprets key Buy Now Pay Later KPIs, including spend by age, gender, and income level.

• Market Share by Key Players.
Table of Contents
 1. About this Report
1.1 Summary
1.2 Methodology
1.3 Disclaimer

2. Indonesia BNPL Market Size and Future Growth Dynamics
2.1 Consumer Behavior
2.2 Competitive Landscape and Growth Strategies
2.3 Market Share
2.4 Regulatory Trends

3. Indonesia Buy Now Pay Later Industry Attractiveness
3.1 Indonesia Buy Now Pay Later – Gross Merchandise Value Trend Analysis, 2019-2028
3.2 Indonesia Buy Now Pay Later – Average Value Per Transaction Trend Analysis, 2019-2028
3.3 Indonesia Buy Now Pay Later – Transaction Volume Trend Analysis, 2019-2028

4. Indonesia Buy Now Pay Later Operational KPIs
4.1 Buy Now Pay Later Revenues, 2019 – 2028
4.2 Buy Now Pay Later Share by Revenue Segments
4.3 Buy Now Pay Later Merchant Commission, 2019 – 2028
4.4 Buy Now Pay Later Missed Payment Fee Revenue, 2019 – 2028
4.5 Buy Now Pay Later Pay Now & Other Income, 2019 – 2028
4.6 Buy Now Pay Later Consumer Account Count, 2019 – 2028
4.7 Buy Now Pay Later Bad Debt, 2019 – 2028

5. Indonesia Buy Now Pay Later Spend Analysis by Channel
5.1 Buy Now Pay Later Market Share by Channel, 2019 – 2028
5.2 Buy Now Pay Later Online Channel Market Size and Forecast, 2019 – 2028
5.3 Buy Now Pay Later POS Channel Market Size and Forecast, 2019 – 2028

6. Indonesia Buy Now Pay Later Snapshot by End-Use Sector
6.1 Buy Now Pay Later Market Share by End-Use Sector – Emerging Avenues and Future Growth Prospects
6.2 Buy Now Pay Later Sales Uplift by End-Use Sector
6.3 Buy Now Pay Later Share by Retail Product Category

7. Indonesia Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2019 – 2028
7.1 Indonesia Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis, 2019-2028
7.2 Indonesia Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis, 2019-2028
7.3 Indonesia Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis, 2019-2028

8. Indonesia Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2019 – 2028
8.1 Indonesia Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis, 2019-2028
8.2 Indonesia Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis, 2019-2028
8.3 Indonesia Buy Now Pay Later Home Improvement – Transaction Volume Trend Analysis, 2019-2028

9. Indonesia Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast, 2019 – 2028
9.1 Indonesia Buy Now Pay Later Leisure & Entertainment – Gross Merchandise Value Trend Analysis, 2019-2028
9.2 Indonesia Buy Now Pay Later Leisure & Entertainment – Average Value Per Transaction Trend Analysis, 2019-2028
9.3 Indonesia Buy Now Pay Later Leisure & Entertainment – Transaction Volume Trend Analysis, 2019-2028

10. Indonesia Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2019 – 2028
10.1 Indonesia Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis, 2019-2028
10.2 Indonesia Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis, 2019-2028
10.3 Indonesia Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis, 2019-2028

11. Indonesia Buy Now Pay Later in Other Segment: Market Size and Forecast, 2019 – 2028
11.1 Indonesia Buy Now Pay Later Other Segment – Gross Merchandise Value Trend Analysis, 2019-2028
11.2 Indonesia Buy Now Pay Later Other Segment – Average Value Per Transaction Trend Analysis, 2019-2028
11.3 Indonesia Buy Now Pay Later Other Segment – Transaction Volume Trend Analysis, 2019-2028

12. Indonesia Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
12.1 Buy Now Pay Later Spend Share by Age Group
12.2 Buy Now Pay Later Gross Merchandise Share by Income
12.3 Buy Now Pay Later Gross Merchandise Value Share by Gender
12.4 Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis

13. Further Reading
13.1 About PayNXT360
13.2 Related Research
List Of Table
Table 1: Indonesia Buy Now Pay Later – Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Table 2: Indonesia Buy Now Pay Later – Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 3: Indonesia Buy Now Pay Later – Transaction Volume Trend Analysis (Million), 2019-2028
Table 4: Indonesia Buy Now Pay Later – Revenues (Million), 2019-2028
Table 5: Indonesia Buy Now Pay Later – Merchant Commission (Million), 2019-2028
Table 6: Indonesia Buy Now Pay Later – Missed Payment Fee Revenue (Million), 2019-2028
Table 7: Indonesia Buy Now Pay Later Pay Now & Other Income (Million), 2019-2028
Table 8: Indonesia Buy Now Pay Later – Consumer Account Count, 2019-2028
Table 9: Indonesia Buy Now Pay Later – Bad Debt (Million), 2019-2028
Table 10: Indonesia Buy Now Pay Later – Transaction Volume Trend Analysis (Million), 2019-2028
Table 11: Indonesia Buy Now Pay Later – Transaction Volume Trend Analysis (Million), 2019-2028
Table 12: Indonesia Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Table 13: Indonesia Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 14: Indonesia Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis (Million), 2019-2028
Table 15: Indonesia Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Table 16: Indonesia Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 17: Indonesia Buy Now Pay Later Retail Shopping Home Improvement – Transaction Volume Trend Analysis (Million), 2019-2028
Table 18: Indonesia Buy Now Pay Later Leisure & Entertainment – Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Table 19: Indonesia Buy Now Pay Later Leisure & Entertainment – Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 20: Indonesia Buy Now Pay Later Leisure & Entertainment – Transaction Volume Trend Analysis (Million), 2019-2028
Table 21: Indonesia Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Table 22: Indonesia Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 23: Indonesia Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis (Million), 2019-2028
Table 24: Indonesia Buy Now Pay Later Other Segment – Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Table 25: Indonesia Buy Now Pay Later Other Segment – Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 26: Indonesia Buy Now Pay Later Other Segment – Transaction Volume Trend Analysis (Million), 2019-2028
List of figures
Figure 1: PayNXT360’s Methodology Framework
Figure 2: Indonesia Buy Now Pay Later – GMV and Adoption Rationale
Figure 3: Indonesia Buy Now Pay Later – Share by Gender and Age Group
Figure 4: Indonesia Buy Now Pay Later – Market Share Analysis by Key Players (%)
Figure 5: Indonesia Buy Now Pay Later – Gross Merchandise Value Trend Analysis (US$ Million), 5019-5058
Figure 6: Indonesia Buy Now Pay Later – Average Value Per Transaction Trend Analysis (US$), 2019-2028
Figure 7: Indonesia Buy Now Pay Later – Transaction Volume Trend Analysis (Million), 2019-2028
Figure 8: Indonesia Buy Now Pay Later – Revenues (Million), 2019-2028
Figure 9: Buy Now Pay Later Share by Revenue Segments
Figure 10: Indonesia Buy Now Pay Later – Merchant Commission (Million), 2019-20210
Figure 11: Indonesia Buy Now Pay Later – Missed Payment Fee Revenue (Million), 20111-20211
Figure 12: Indonesia Buy Now Pay Later Pay Now & Other Income (Million), 20112-2028
Figure 13: Indonesia Buy Now Pay Later – Consumer Account Count, 2019-2028
Figure 14: Indonesia Buy Now Pay Later – Bad Debt (Million), 2019-2028
Figure 15: Indonesia Buy Now Pay Later – Transaction Volume Trend Analysis (Million), 2019-2028
Figure 16: Indonesia Buy Now Pay Later – Transaction Volume Trend Analysis (Million), 2019-2028
Figure 17: Indonesia Buy Now Pay Later – Transaction Volume Trend Analysis (Million), 2019-2028
Figure 18: Indonesia Buy Now Pay Later – Market Share by End-Use Sector, 2018 Vs. 2025
Figure 19: Indonesia Buy Now Pay Later – Market Share by End-Use Sector, 2018 Vs. 2028
Figure 20: Indonesia Buy Now Pay Later – Market Share by End-Use Sector, 2020 Vs. 2025
Figure 21: Indonesia Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis (US$ Million), 2021-2028
Figure 22: Indonesia Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis (US$), 2222-2228
Figure 23: Indonesia Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis (Million), 2319-2328
Figure 24: Indonesia Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Figure 25: Indonesia Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis (US$), 2019-2028
Figure 26: Indonesia Buy Now Pay Later Home Improvement – Transaction Volume Trend Analysis (Million), 2019-2028
Figure 27: Indonesia Buy Now Pay Later Leisure & Entertainment – Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Figure 28: Indonesia Buy Now Pay Later Leisure & Entertainment – Average Value Per Transaction Trend Analysis (US$), 2019-2028
Figure 29: Indonesia Buy Now Pay Later Leisure & Entertainment – Transaction Volume Trend Analysis (Million), 2019-2028
Figure 30: Indonesia Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis (US$ Million), 2019-2030
Figure 31: Indonesia Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis (US$), 2019-2031
Figure 32: Indonesia Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis (Million), 2019-2028
Figure 33: Indonesia Buy Now Pay Later Other Segment – Gross Merchandise Value Trend Analysis (US$ Million), 2019-2028
Figure 34: Indonesia Buy Now Pay Later Other Segment – Average Value Per Transaction Trend Analysis (US$), 2019-2028
Figure 35: Indonesia Buy Now Pay Later Other Segment – Transaction Volume Trend Analysis (Million), 2019-2028
Figure 36: Indonesia Buy Now Pay Later – Share by Age Group in Gross Merchandise Value Terms
Figure 37: Indonesia Buy Now Pay Later – Share by Income Group in Value Terms
Figure 38: Indonesia Buy Now Pay Later – Share by Gender in Value Terms
Figure 39: Buy Now Pay Later – Adoption Rationale Gross Merchandise Value Analysis
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