Indonesian buy now, pay later (BNPL) platform Kredivo has launched the Infinite Card, a virtual card that can be used to pay on all eCommerce and online platforms.
According to a Thursday (April 19) news release, the card was launched in collaboration with Mastercard and Bank Negara Indonesia (Persero) (BNI), one of the largest banks in Indonesia.
The card lets Kredivo’s customers transact using Kredivo’s credit limit across the entirety of Mastercard’s online merchant network and makes “Kredivo a truly open-loop payments product,” the news release said.
“The Infinite Card, as the name implies, will provide unlimited access to online transactions, anywhere and at any time, making Kredivo a credit-card-like product for our nearly 5 million Indonesian customers,” said Umang Rustagi, CEO of Kredivo Indonesia.
Rustagi adds that the card reduces “the accessibility gap between traditional credit card holders and Kredivo customers.”
The Infinite Card is linked to a Kredivo account, with transactions deducted from the Kredivo credit limit, which can reach IDR 30 million (about $2,500). The card carries interest rates that are the same as Kredivo’s: 0% for 30 days and 3-month installments and 2.6% per month for 6- and 12-month installments. The Infinite Card can be used on any digital platform that accepts credit card payments and will be rolled out progressively over the next few months.
Last year, Kredivo launched a new payment card in collaboration with Indonesia’s Bank Sahabat Sampoerna. The Flexi Card is a physical card that can be used at millions of places around Indonesia using the country’s National Payments Gateway.
The following week, the company joined forces with IKEA to give customers the ability to pay for the furniture in installments, either at the IKEA Indonesia website or the furniture chain’s five brick-and-mortar stores in Indonesia.