OJK to Limit Paylater Usage, Users Unable to Open Multiple Accounts Freely
JAKARTA - The Financial Services Authority (OJK) will issue derivative regulations regarding buy now pay later (BNPL) or paylater services. With these regulations, the public will no longer be able to use paylater on multiple platforms.
Head of Executive Supervision for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions at OJK, Agusman, stated that these provisions will be regulated in the derivative rules of POJK Number 32 of 2025 on the Implementation of Buy Now Pay Later (BNPL).
“OJK will soon issue derivative provisions from POJK 32 of 2025 on the Implementation of BNPL, which regulate, among other things, that Financing Companies can implement risk management strategies by limiting the distribution of financing, including the maximum usage of platforms,” he said in a written response to RDKB in April 2026, on Thursday (7/5/2026).
“Ownership of multiple BNPL accounts can certainly increase the debtor’s debt exposure, which correlates with the risk of default,” Agusman added.
On the other hand, OJK is also encouraging paylater providers to enhance the quality of credit assessments, including evaluating the debtor’s ability to pay.
This encouragement comes alongside the increasing paylater financing by financing companies.
Recorded, paylater financing in March 2026 grew 55.85 percent year-on-year (yoy) to Rp12.81 trillion.
The growth increased compared to the previous month, which was 53.53 percent (yoy), due to the Ramadan and Eid al-Fitr moments during that period.
“The growth was influenced, among other things, by the increasing demand for financing from the public, including during the Ramadan and Eid momentum,” he said.
With these provisions, general banks must follow banking regulations, while financing companies must obtain OJK approval.
Not only that, the regulations also stipulate that paylater financing can be conducted conventionally or under sharia principles in accordance with applicable provisions.
The POJK also regulates the takeover mechanism, reporting to OJK, and provisions for terminating paylater services.