Paylater Methods Through the Recurring Payments Platform
The Finantier Blog
by Finantier
1y ago
Paylater is a digital payment service that is increasingly in demand by the public. According to a survey by the Katadata Insight Center (March 2022), its use in e-commerce increased from 28% in 2021 to 38% in 2022. This growth surpassed other payment options in the past year, including credit cards. The consumer application has also been designed in such a way that the paylater payment becomes a more effortless method. For consumers, paylater services provide credit later with a more efficient administrative mechanism. The use of a paylater is quite simple, unlike credit cards, which require ..read more
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The Types and Uses of Paylater for Businesses
The Finantier Blog
by Finantier
1y ago
Paylater, also called BNPL (Buy-Now-Pay-Later), is becoming a common phenomenon in various countries. Its role is like a credit card, allowing anyone to make payments to merchants via the installment method. Interestingly, paylater is not only limited to e-commerce but can also reach offline retail outlets. In Southeast Asia, the popularity of paylater is driven by the relatively low penetration of credit cards, among other things. According to BCG data, Singapore leads the way in credit card penetration with an 85% adoption rate, followed by Thailand at 30%, Vietnam at 11%, and less tha ..read more
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Finantier Join Inaugural Mastercard Open Banking Start Path Class
The Finantier Blog
by Finantier
1y ago
Finantier Announced as First Southeast Asia Open Finance Company to Join Inaugural Mastercard Open Banking Start Path Class Finantier has been selected as the first Southeast Asia Open Finance platform to join the inaugural Mastercard Start Path Open Banking class. Start Path Open Banking is a selective three-month program that engages open banking startups on their path to scale, uncovers unique opportunities to co-innovate and powers experiences that enable consumer choice. As part of the program, Finantier will leverage Mastercard’s open banking expertise and market insights and ..read more
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Types of Financial Data API on the Open Finance Platform
The Finantier Blog
by Finantier
1y ago
Types of Financial Data API on the Open Finance Platform The Open Finance service provides features that fintech players can take advantage of in developing their products. One of them is the Financial Data API, which is a data service — that does the collection, management, and utilization — to support existing business processes. For example, to improve credit scoring capabilities, a company can take advantage of an API (Application Programming Interface), which provides alternative data outside the OJK SLIK, such as PPOB transaction data, e-commerce, telcos, and other relevant da ..read more
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7 Main Aspects of the Data Security Process on Fintech Platform
The Finantier Blog
by Finantier
1y ago
The data security process is part of the Information Security Management System (ISMS) practice that needs to be applied by digital service developers. Especially for financial technology services (fintech), existing regulations require preventive and repressive strategies to mitigate matters related to the privacy and security of user data. Currently, ISO 27001:2013 is a global standard many companies refer to in ensuring system security standards in service. Regarding the data security process, in this standardization, several fundamental aspects are used as benchmarks for testing and ..read more
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Strategy to Counter Rapid Digital Financial Innovation
The Finantier Blog
by Finantier
1y ago
Digital financial service innovation is overgrowing in Southeast Asia. This is evidenced by the massive adoption of various fintech products in various circles — including the user segment that has never previously tasted ‘formal’ financial products other than banking. According to reports, the economic value generated by fintech reached $15.69 billion by 2021, a nearly 3x increase compared to the previous year. Meanwhile, DealStreetAsia data says that fintech startups in Southeast Asia have raised $5.84 billion in funding as of Q4 2021. For company executives, the growth rate of di ..read more
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How to Activate Paylater as Business Payment Option
The Finantier Blog
by Finantier
1y ago
Consumers in this digital era have more options when they want to pay for a product or service. According to various surveys conducted by DSInnovate, digital wallets and paylater applications (aka BNPL or Buy-Now-Pay-Later) are the two most popular fintech products used by consumers. This trend needs to be anticipated by businesses. One of the ways to do this is by accepting payments from various types of platforms. For digital wallets, businesses can now use QRIS to accept payments from any application. However, activating a paylater for a business requires several more complex stages. The a ..read more
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Comparison of KYC and eKYC in the Onboarding Process of Prospective Financial Services Customers
The Finantier Blog
by Finantier
1y ago
Financial service institutions must carry out the process of identifying potential customers before actually presenting their products or services. This process is called KYC (Know Your Customer) for traditional methods or eKYC (Electronic Know Your Customer) for digital modes. Judging from their processes, KYC and eKYC are very similar. The flow in KYC onboarding starts from a request for an account opening by a prospective customer, filling out a registration form, verifying an identity card, and logging into a financial services dashboard to get the desired account. However, ther ..read more
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5 Factors Causing the Failed e-KYC Processes in Fintech Applications
The Finantier Blog
by Finantier
1y ago
The Fintech application nowadays requires prospective users to perform the e-KYC (Electronic Know Your Customer) process before using the service. The process is essential because regulators require financial service providers to meet the precautionary principle — in this case, by knowing who their potential customers are. Nevertheless, when registering for fintech services, there are times when the e-KYC process fails. The failure of the e-KYC process can be caused by several factors, which arise due to problems from either the user side or the service provider side. The following are ..read more
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The Development of Paylater Application in Indonesia
The Finantier Blog
by Finantier
1y ago
The paylater application has gained considerable growth in Indonesia lately. The amount of paylater application enthusiasts in Indonesia has increased by around 45% in the past year. These are according to a report published by SurveySensum in 2022. Of the 300 e-commerce users surveyed, 55% have used paylater as a payment method. The increasing adoption of paylater applications is based on several reasons. First, the paylater business ecosystem in Indonesia has become more mature. There are dozens of fintech companies that provide various similar solutions nowadays. Secondly, paylater ap ..read more
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