Indonesia-listed technology group Bukalapak closed its virtual credit feature BukaCicilan in February in a move aimed at streamlining user experience, a top executive said.
“BukaCicilan is one of the entry points for submitting services from pay-later providers. Closing this entry point is intended to provide a better user experience,” Desy Hartono, Bukalapak VP Financial Solution, said in a statement.
“Bukalapak users can still apply for services from paylater providers, one of which is Paylater by Kredivo. Bukalapak users can also choose payment methods, including BNPL, which are available from several other organising partners,” Hartono said.
BukaCicilan was launched in 2018 by PT Bukalapak.com in partnership with the multifinance company PT Akulaku Finance Indonesia (AFI). The feature allows Bukalapak users to buy products from the platform in instalments without a credit card.
In October last year, Indonesia’s Financial Services Authority (OJK) had limited the BNPL operations of Akulaku over alleged violations including regulations on risk management and corporate governance. The OJK lifted the restrictions this week.
Bukalapak, however, said the OJK’s move and BukaCicilan’s retirement are unrelated.