OJK Is Preparing New Rules For Paylater Services: Users Must Be At Least 18 Years Old And Have A Salary Of 3 Million Rupiah

The Financial Services Authority (OJK) is preparing regulations for the Buy Now Pay Later (BNPL) scheme for financing companies. Acting Head of the Department of Financial Literacy, Inclusion, and Communication, M. Ismail Riyadi, stated that this aims to strengthen consumer protection and prevent potential debt traps for users who lack sufficient financial literacy. The new rules will also support the growth of the financing industry.

Key points of the regulations include that paylater financing will only be available to customers aged 18 or older, or those who are married, with a minimum income of Rp 3 million per month. He mentioned in a written statement that these requirements will apply to new debtor acquisitions or extensions of paylater financing by January 1, 2027, at the latest. Ismail also noted that financing companies offering paylater services must notify customers about the need for caution when using paylater, including recording debtor transactions in the Financial Information Service System (SLIK). He emphasized that OJK may review these regulations based on economic conditions, financial system stability, and developments in the paylater industry.

Tag: BNPL Financial Services Authority OJK