Indonesia Paylater Growth Increases, VIDA Supports Kredivo to Increase the Scale of the Credit Application Process

Jakarta, August 4, 2022 - The use of "Buy Now, Pay Later" (BNPL) as an alternative to digital payments in Indonesia continues to show positive growth. Findings from the Indonesian E-commerce Consumer Behavior research launched by Kredivo and the Katadata Insight Center in June 2022 showed that the percentage of consumers who used Paylater more than once a month increased by 4% in 2022 to 27%. Seeing the increasing frequency of Paylater usage, Kredivo as a leading digital credit platform for retail consumers in Indonesia, collaborated with VIDA, a global standard digital identity provider, to scale up the Paylater application process for more Kredivo users.

As the leading digital credit platform for retail consumers in Indonesia, customers can use Kredivo as ance-commerce and offline payment option, as well as cash loans, based on real-time decision making.cKredivo is already available as a payment option at thousands of offline and online merchants, bothcthrough the Kredivo application, platforms from partners, to physical Flexi Cards, and Infinite Card virtual cards. Through this partnership, Kredivo uses the VIDA Sign product to verify and send Kredivo usagecloan agreements to all users.

Umang Rustagi, CEO of Kredivo Indonesia stated, “The growth of Paylater in Indonesia continues to show a positive signal even though the pandemic has passed. We feel the growth where Kredivo has served more than 5 million users to date and continues to grow every day. To balance Paylater's high growth with the behavior of consumers who are always looking for a comfortable shopping experience, we are working with VIDA, a local technology company with international standards to maintain our commitment in providing financial inclusion services through a very fast application process for millions of Kredivo current users and for more than 10 million users in Indonesia in the next few years.”

Kredivo credit application process will be strengthened by a Certified Electronic Signature or Digital Signature based on an electronic certificate issued by VIDA as the Certificate Authority (CA) under the Ministry of Communication and Informatics (Kominfo). The presence of electronic certificates based on the ITE Law encourages a person's digital identity to become authentic evidence as an authentication tool or legal approval in credit applications for Kredivo users. Not only that, the use of VIDA electronic certificates can improve the confidentiality, data integrity, and non-repudiation aspects of Kredivo users data.

Sati Rasuanto, Co-Founder and CEO of VIDA stated, “Supporting an inclusive digital ecosystem that makes it easy for everyone to make online transactions legally, easily, quickly and safely is VIDA's commitment. Getting the opportunity to work with Kredivo as a pioneer of Paylater in Indonesia, which provides inclusive financial services for all people in Indonesia, is certainly something we are very proud of. As a partner, VIDA is ready to support Kredivo's needs with global technology standards so that we can grow together and encourage the development of financial inclusion in the future."

As a leading digital identity provider, VIDA continues to uphold the three important values presented through its products, which are Speed, Scale and Secure. Speed is the ability of VIDA technology to process, verify and authenticate user data in a short time. Secure, which provides more guarantees for data security from users with end-to-end encryption, and has been guaranteed by various global class accreditations such as ISO 27001 and WebTrust. Scale where in this collaboration VIDA technology is able to process data processing on a large scale.

This large-scale processing is important for business owners, where minutes or even a second difference in the number of digital signatures used will be very significant in the company's operational efficiency and digital services. This is evident from VIDA's ability to process more than 800,000 identities every day." close Sati.



About VIDA - PT Indonesia Digital Identity

PT Indonesia Digital Identity (VIDA) is a licensed Certificate Authority (CA) under the Indonesian Ministry of ICT, authorized to issue digital certificates that can be applied for digital signatures and web authentication. Established in 2018, VIDA is a digital identity network leveraging multi-factor authentication, digital signatures, and verified identities. VIDA applies world-class data security standards, including Public Key Infrastructure, facial recognition, and endpoint security to provide comprehensive cyber security solutions.

VIDA is also listed as an Digital Financial Innovation (Inovasi Keuangan Digital / IKD) registered with the OJK. The products and solutions offered by VIDA can be adopted by various sectors and industries, including the financial services industry to make it easier to verify direct customers. VIDA also believes in instilling digital trust among its users and by virtue, thus, the company has been registered under the OJK and BI regulatory sandbox.

VIDA also applies world-class technology standards that are certified and recognized internationally. The company became the first Certificate Authority (CA) company that obtained WebTrust certification and listed in the Adobe Approved Trust List (AATL) inIndonesia, and also is ISO 27001 certified.


About Kredivo

Kredivo is Indonesia's leading digital credit platform that provides instant credit financing to customers for e-commerce and offline purchases, as well as cash loans, based on real-time decision making. Kredivo users can buy now and pay later with one of the lowest interest rates among digital credit providers in Indonesia. Kredivo's trading partners benefit from instant point-of-sale financing, backed by unique 2-click payments. Kredivo is operated by FinAccel, a financial technology company headquartered in Singapore with a mission to provide fast, affordable and accessible financial services. FinAccel is supported by leading investors such as Victory Park Capital, Mirae Asset, Naver, Square Peg Capital, Telkom Indonesia, and Jungle Ventures. Kredivo is supervised by the OJK's multifinance division in Indonesia. To learn more about FinAccel and Kredivo, visit and


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