Bank BRI and Traveloka to Launch PayLater Card

Singapore, 26 September 2019 – PT Bank Rakyat Indonesia (Persero) Tbk. or Bank BRI, the leading consumer bank in Indonesia with the largest asset base, and Traveloka, the leading digital travel and lifestyle platform in Southeast Asia, today announced a collaboration to launch PayLater Card. The announcement of collaboration was witnessed by H.E. I Gede Ngurah Swajaya, Ambassador of Indonesia to Singapore, and Andrew Tan, Chief Financial Officer for Visa in Asia Pacific.

PayLater Card offers an innovative channel for credit access to the underbanked Indonesians, transforming user experience through end-to-end card management on Traveloka’s digital platform. The card can be used in Indonesia and around the world for both online and offline transactions by leveraging the network of Visa, the global payment technology company.

“As the bank with largest network supported by reliable digital platform, this collaboration will give added value to payment landscape for Indonesians. PayLater Card offers a new form of payment and provides unique experience to users, which will complement our unparalleled banking services. In addition, our collaboration with Traveloka as our longstanding strategic partner enabled us to create a comprehensive digital payment ecosystem. This co-branding partnership is also aligned with our credit card marketing strategy to enhance our customer base and market penetration among millennials. PayLater Card marks a new era of credit card business in Indonesia,” stated Handayani, Consumer Director, Bank BRI.

“We want to solve user pain points where currently many Indonesian consumers are forced to book their flights and hotels last minute due to lack of credit access typically provided via credit cards. Many of these users ended up paying higher last-minute prices or sometimes are unable to find the airline seat or hotel rooms they want. We couldn’t have hoped for a better partner to tackle this problem. BRI with its leading consumer banking position as well as its strong digital ambitions will allow us to scale the product and address millions of underbanked users in Indonesia,” said Henry Hendrawan, President, Traveloka Group of Operations.

PayLater Card will provide users with a simple application and verification process that will only take a maximum of 1 day. The approval will be based on a proprietary credit assessment engine powered by Bank BRI and Traveloka after which, users will be able to activate and manage their PayLater Card directly from Traveloka application. Apart from being able to buy all Traveloka products and services ranging from extensive travel and lifestyle tickets, enjoying Traveloka Eats and even purchasing insurance for themselves and their families, users will also be able to use the PayLater Card to do online and offline transactions in more than 53 million merchant locations worldwide that accept payment by Visa. “We believe collectively we can achieve our target of 5 million PayLater Cards by 2025, considering the large target addressable market and increasing digital engagement of Indonesian users,” said Henry.

“Visa is proud to support the launch of the PayLater Card which provides a faster, more secure and more convenient payment option for Indonesians. Together with Bank BRI and Traveloka, we have the opportunity to transform the payment experience for frequent travelers, holidaymakers, and many of the region’s underbanked consumers,” said Andrew Tan, Chief Financial Officer, Visa Asia Pacific.

The Ambassador of the Republic of Indonesia to Singapore, H.E. Ngurah Swajaya, said, “We appreciate and fully support the partnership between these two leading Indonesian companies and a global payment major to create an innovative solution for Indonesians. We hope this partnership helps further cement our country’s position as the largest and most exciting digital economy in Southeast Asia.”