UOB’s Indonesian digital bank arm launches buy now pay later services
TMRW Pay offers deferred payments with zero-interest for up to 90 days.
TMRW by UOB has launched TMRW Pay, a buy now pay later e-commerce service available to Indonesians.
Users have the choice to defer payment services with zero-interest for up to 90 days. Instant credit approval is granted through TMRW’s partner, Bhinneka’s website and app.
According to the FinTech in ASEAN 2021 report, deferred payment services have emerged as a popular digital payment in the region. One in three consumers indicated that they have used or will use such payment methods.
In the same study Indonesian consumers reportedly expressed the highest interest in using deferred payment services (42%) to take advantage of amortised payments for their online purchases.
UOB data shows that from January to October 2021, more than half of the transactions on TMRW credit cards were for e-commerce purchases, according to Hendra Gunawan, president director, UOB Indonesia.
“As e-commerce activities continue to grow, consumers are seeking alternative modes of financing to manage their budgeting needs and we anticipate that deferred payment services will become more popular,” Gunawan said, adding that this was why they partnered with Bhinneka to offer BNPL services to Indonesians.