Traveloka launches credit card in partnership with Visa, BRI

Indonesian unicorn Traveloka is joining hands with Bank Rakyat Indonesia (BRI), a large local consumer bank, and payments giant Visa to launch its PayLater Card.

Photo credit: Traveloka

Apart from being able to pay for all Traveloka products and services, customers can also use PayLater Card for online and offline transactions at more than 53 million merchants worldwide that accept payments by Visa, according to a statement by the firms.

“We want to solve user pain points where currently many Indonesian consumers are forced to book their flights and hotels last minute due to a lack of credit access typically provided via credit cards,” said Henry Hendrawan, president of Traveloka Group Operations.

PayLater Card applicants will need to go through a simple application and verification process that will take a maximum of one day to process, according to the statement.

The approval will then be based on a “proprietary credit assessment engine” that’s powered by BRI and Traveloka. Once approved, users can activate and manage their cards directly from the Traveloka app.

Hendrawan believes the firms will achieve their target of having five million PayLater Card units by 2025, thanks in part to a “large target addressable market and increasing digital engagement of Indonesian users.”

In April, the travel firm landed a US$420 million investment from Singapore’s sovereign wealth fund, GIC, and in July, it was said to be in talks to raise a further US$500 million, which could bring the firm’s valuation to US$4.5 billion.