Indonesian fintech firm Akulaku has partnered with Chinese cross-border payment solutions provider Alipay+ to support the former’s buy now, pay later solution as a payment method for the latter’s merchants.
Photo credit: Akulaku
Called Akulaku PayLater, the service provides credit lines and installment plans to customers with limited credit histories.
Through Alipay+, the Indonesia-based firm will be able to scale its pool of merchants accepting BNPL payments, Akulaku CFO Fan Zhang said in a statement.
Currently, Akulaku PayLater has over 4,000 merchants on its system. It aims to reach more than 10,000 online merchants and over 100,000 offline stores within the next two years.
“As a newly emerged but rapidly adopted digital payment method, BNPL brings inclusive financial services to the underbanked communities,” said Cheng Guoming, general manager of global partnerships at Alipay+.
Akulaku saw its digibank, Bank Neo Commerce, report US$400,000 in operating profit for June. It was the first time that the bank was in the black for the year.
See also: Akulaku-backed digibank’s dicey road to profitability
Editing by Deepti Sri and Lorenzo Kyle Subido
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