Infinite Card, launched in partnership with Mastercard and BNI, makes Kredivo a truly open-loop payments product in Indonesia
Jakarta, April 21, 2022 – Kredivo, the leading digital credit platform for retail customers in Indonesia today announces the launch of the Infinite Card, a virtual card that can be used to pay on all e-commerce and online platforms by simply entering a few pieces of data, just like a credit card. Launched in collaboration with Mastercard, a global pioneer of payment innovation and technology and Bank Negara Indonesia (Persero) (BNI), one of the largest banks in Indonesia, this breakthrough feature allows Kredivo’s customers to transact using Kredivo’s credit limit across all of Mastercard’s online merchant network. It makes Kredivo a truly open-loop payments product, opening up access to millions of Mastercard enabled online merchants.
Umang Rustagi, CEO of Kredivo Indonesia said, “Kredivo is committed to providing retail credit products that are fast, affordable, and widely accessible. The Infinite Card, as the name implies, will provide unlimited access to online transactions, anywhere and at any time, making Kredivo a credit-card like product for our nearly 5 million Indonesian customers. This innovation dramatically reduces the accessibility gap between traditional credit card holders and Kredivo customers.”
Navin Jain, Country Manager for Mastercard Indonesia said, “Mastercard is proud to collaborate with Kredivo and BNI to bring the benefit of Mastercard’s acceptance network in Indonesia and globally to millions of consumers. Kredivo is a pioneer in bringing financial access to new-to-credit consumers in Indonesia, and with Mastercard’s innovative value-added services, their consumers will now be able to use their purchasing power across online platforms accepting Mastercard payment cards. These solutions will bring consumers more choice and encourage them to use digital payment methods, an important goal of OJK (Indonesia’s Financial Services Authority) and the Central Bank.”
The Infinite Card is linked to a Kredivo account, and transaction amounts will be deducted from the Kredivo credit limit, which can reach IDR 30 million (~US$2,500). The interest rates for Infinite Card transactions are the same as those offered by Kredivo: 0% for 30 days and 3 month installments and 2.6% per month for 6 and 12 month installments. The Infinite Card can be used on all digital platforms that accept credit card payments. Kredivo will roll out the Infinite Card across its user base progressively over the next few months.
Kredivo is the leading digital credit platform in Indonesia that gives customers instant credit financing for ecommerce and offline purchases, and personal loans, based on real-time decisioning. Kredivo users can buy now and pay later with one of the lowest interest rates amongst digital credit providers in the country. Kredivo’s merchant partners benefit from instant point-of-sale financing, powered by its unique 2-click checkout. Kredivo is operated by FinAccel, a Singapore headquartered financial technology company, with a mission to make financial services fast, affordable and accessible. FinAccel is backed by leading investors such as Victory Park Capital, Mirae Asset, Naver, Square Peg Capital, Telkom Indonesia and Jungle Ventures, among others. Kredivo is supervised by OJK’s multi-finance division in Indonesia. To know more about FinAccel and Kredivo, visit www.finaccel.co and www.kredivo.com.
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. To know more about Mastercard, visit www.mastercard.com.