BNPL Platform Kredivo Unveils New Payment Card

Indonesian buy now, pay later (BNPL) platform Kredivo has teamed up with the country’s Bank Sahabat Sampoerna to launch a new payment card.

Flexi Card, announced Tuesday (Dec. 7), is a physical card that can be used at millions of outlets throughout the country using Indonesia’s National Payments Gateway.

“Flexi Card is another strong proof of how fintech companies and banks are able to synergize to provide digital financial services that are fast, easy and affordable,” Umang Rustagi, CEO of Kredivo Indonesia, said in a news release.

“This also represents our commitment to play a role in every aspect of people’s lives. Flexi Card allows users to shop for anything, anywhere with a Paylater facility.”

Henky Suryaputra, director of finance and business planning at Bank Sampoerna, added that the card will benefit the country’s underbanked population, providing access to financial products and transaction services.

Read more: Standard Chartered Partners With Kredivo for BNPL in Indonesia

It’s been a busy year for Kredivo. In October, the company formed a partnership with FinTech Standard Chartered to offer loans to customers.

The program lets customers go through an entirely digital onboarding and application process with no face-to-face verification needed, using Kredivo’s coverage of retailers and artificial intelligence (AI)-fueled credit scoring system.

Also read: Kredivo Launches BNPL Services in Vietnam

In August, the company joined forces with the family investment office Phoenix Holdings to bring its BNPL services to Vietnam, a country with one of the lowest rates of credit card penetration in southeast Asia. This new entity, called Kredivo Vietnam Joint Stock Company, joins the BNPL expertise of Kredivo to Phoenix’s local network.

And in June, Kredivo raised $100 million in an expanded debt facility, money the firm said it would use to offer consumer loans.