Bukalapak Pulls Plug on In-House BNPL Offering

Indonesian e-commerce leader Bukalapak has phased retired its bargain now, salary later (BNPL) service, BukaCicilan, arsenic of 29 February 2024.

This determination reflects nan broader challenges facing nan BNPL sector, which has seen respective work discontinuations and exits successful caller times.

Desy Hartono, Vice President of Financial Solutions astatine Bukalapak, shared pinch Tech successful Asia that this move is intended to simplify installment costs options for their customers, promoting a nonstop engagement betwixt users and BNPL providers, specified arsenic Kredivo, for a much streamlined experience.

BukaCicilan was primitively introduced successful October 2018 done a business pinch multifinance entity, PT Akulaku Finance Indonesia.

Despite its closure, Bukalapak clarifies that nan determination is not linked to nan impermanent operational restrictions Akulaku faced from Indonesia’s Financial Services Authority (OJK) successful October 2023.

Notably, Akulaku has since resumed its BNPL activities arsenic of 4 March 2024.