Bank Rakyat Indonesia (BRI) and travel and lifestyle firm Traveloka have launched a new co-branded credit card for the underbanked population in Indonesia.
Dubbed PayLater Card, the new credit is based on Visa platform. It will enable shoppers to avail exclusive deals offered by Traveloka across travel, lifestyle as well as insurance products.
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Traveloka, which secured funding from China’s JD.com, Sequoia Capital and Hillhouse Capital, said that the company is committed to solving lack of credit access for Indonesians by offering the new credit card.
The cardholders can use the card to pay for all Traveloka products and services.
Additionally, they can use PayLater Card for online and offline transactions at over 53 million merchants operating under Visa’s network across the globe.
Traveloka Group operations president Henry Hendrawan said: “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.”
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By GlobalData“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.”
To apply for a PayLater Card, applicants will have to fill up a simple application and verification process that concludes in one day.
The partners are seeking to issue nearly five million PayLater Cards by 2025.
