According to Bisnis.com, PT Fintek Karya Nusantara (LinkAja) has expressed its support for the new regulation from Otoritas Jasa Keuangan (OJK) concerning Buy Now, Pay Later (BNPL) services. The regulation, which is set to take effect by January 2027, establishes that users must be at least 18 years old, or married, and earn a minimum of Rp3 million per month to access BNPL services.

Despite offering PayLater services, LinkAja does not directly market BNPL products. Based on the information from Bisnis.com, the company provides these services through a partnership with Kredivo. When users choose the PayLater option on LinkAja, they are redirected to Kredivo.

LinkAja's CEO, Yogi Rizkian Bahar, explained that the new regulation would have little impact on the company’s operations. According to Yogi, LinkAja is primarily a payment service provider, and the regulation mainly affects its BNPL partners, who are directly responsible for verifying user eligibility.

Yogi also noted that these regulations are seen as a positive move for strengthening the digital payment industry in Indonesia. Based on what was reported, he emphasized that the rules would protect consumers and promote more responsible repayment practices.

The company does not anticipate the regulations affecting its business growth in the BNPL sector. As Yogi mentioned, LinkAja’s BNPL partners had already implemented similar age and income requirements before the regulation.

Moreover, LinkAja has no plans to introduce new financial products outside of its partnership with BNPL providers. The company remains focused on enhancing its core payment services, including features like cardless cash withdrawals, QRIS, and bill payments.

As highlighted by Yogi, LinkAja continues to leverage its BUMN ecosystem, which provides a competitive edge in offering digital financial solutions. The company plans to strengthen its partnerships with state-owned enterprises like Telkomsel, Pertamina, and Mitsui, aiming to contribute to the development of Indonesia’s payment infrastructure.

In a related development, Indodana Finance has also welcomed the new OJK regulation. Based on a report from Bisnis.com, Indodana’s Director, Iwan Dewanto, expressed full support for the regulation, which aligns with the company’s cautious approach in assessing potential users. Indodana believes the regulation will promote more responsible lending and support the sustainable growth of the BNPL industry.

Iwan pointed out that the new regulation would not significantly impact Indodana's PayLater business. The company already applies income verification as part of its user assessment process. According to Bisnis.com, Indodana is well prepared to meet the new requirements, given the two-year transition period provided by OJK.

Like LinkAja, Indodana has no plans to introduce alternative financial products for users who do not meet the new income threshold. Iwan reaffirmed the company’s commitment to supporting OJK's efforts to ensure the BNPL industry remains stable and sustainable.

SOURCE: BISNIS | PHOTO: RATEPAY