The Buy Now Pay Later (BNPL) wallet of Southeast Asian banking and digital finance platform, Akulaku, has forged a partnership with Alipay+ to allow Indonesian customers to use the BNPL solution at Alipay+ global merchants.
Akulaku PayLater will now join Alipay+’s suite of digital payment methods that are available to global merchants and will cater to the growing Indonesian online commerce market, which is currently the ninth largest in the world according to eCommerceDB.
The partnership will also see Akulaku grow its online merchant base from 4,000 to 10,000 in the next two years, along with the addition of over 100,000 offline stores with BNPL.
“This partnership will lead to a more advanced and convenient financial landscape for customers in Indonesia and throughout Southeast Asia,” Fan Zhang, CFO of Akulaku, said.
“Through Alipay+, we will quickly scale the pool of merchants accepting Akulaku PayLater, giving our consumers an enhanced user experience and improving the market competitiveness of BNPL products.
“The combined resources will reach underserved markets with immediate financial services, fostering growth within these regions across industries.”
The BNPL solution also gives individuals with limited credit history better access to a convenient line of credit and more flexible payment plans.
“As a newly-emerged but rapidly adopted digital payment method, BNPL brings inclusive financial services to the underbanked communities,” Cheng Guoming, General Manager of Global Partnerships at Alipay+, said.
“We see BNPL an important part of the digital payment ecosystem and are excited to reach this partnership with Akulaku PayLater to enable the communities in Indonesia and other potential markets to enjoy seamless and convenient cross-border payment services and enrich their daily lives through global shopping experience.”