PAYLATER DAN GENERASI DIGITAL: Fenomena Baru dalam Perilaku Konsumen Gen Z dan Milenial

The rise of digital-based financial products has changed the shopping behavior of people in Indonesia, especially for Gen Z and Millennials. The buy now pay later terminology is widely heard not only in digital-based financial products, even big banks are now making this change in consumer behavior into a product that can be offered to their consumers.

Buy Now Pay Later is a payment service that allows consumers to buy goods or services and pay at a later date.

Otoritas Jasa Keuangan said that there was an increase in the number of buy now pay later of 33.64% yoy with a nominal value of 6.81 trillion. This indicates that the buy now pay later service is a solution for Indonesians in making transactions. According to Databoks, 43.9% of buy now pay later users are millennials aged 26-35 and 26.5% are Gen Z users aged 18-25. 

Source data: https://databoks.katadata.co.id/

The use of buy now pay later can be a solution for consumers in making transactions, but there needs to be wisdom in its use. “Currently, paylater loans have also been included in the credit history record in the Financial Information Service System (SLIK - OJK Checking). This means that the paylater installment payment history can affect the consumer's credit history,” explained OJK Chief Executive Officer of Financial Services Business Conduct Supervision, Consumer Education and Protection (Pengawas Perilaku Pelaku Usaha Jasa Keuangan, Edukasi dan Perlindungan Konsumen -PEPK) Friderica Widyasari Dewi. Friderica added and reminded that consumers who use buy now pay later services must also remain responsible for the debt of the services used.