Ilona Estherina, Jakarta – The Financial Services Authority or OJK noted that public debt in the buy now pay later or BNPL services in banking and multi-finance companies experienced a slowdown, despite recording growth in March 2025.

Executive Director of Banking Supervision of OJK, Dian Ediana Rae, explained that the pay later credit in banking companies in March 2025 recorded Rp22.78 trillion, growing by 32.18 percent y-o-y. "The growth stood at 36.6 percent y-o-y in February," she said in a virtual press conference held on Friday, May 9, 2025.

The number of pay later accounts in banking companies in March reached 24.56 million. At the same time, OJK also reported that total banking credit in March 2025 grew by 9.16 percent, slower than the credit growth in February 2025, which reached 10.30 percent.

Meanwhile, paylater credit in multi-finance companies also recorded sluggish growth, with Rp8.22 trillion in March.

Executive Director of Supervision of Financing Institutions, Venture Capital Companies, Microfinancial Institutions, and Financial Institutions at OJK, Agusman, reported that pay later debt in multi-finance grew by 39.3 percent (y-o-y) in March. This growth slowed down compared to February 2025, which was recorded at 59.1 percent (y-o-y).

However, Agusman said that the non-performing financing (NPF) rate was better. In March, the NPF was recorded at 3.48 percent, improving from 3.68 percent in February 2025.

Source: https://en.tempo.co/read/2005871/ojk-reports-sluggish-growth-of-buy-now-pay-later-service