The Indonesian buy now, pay later (BNPL) platform Kredivo is teaming up with IKEA to offer customers the chance to pay for their furniture in installments.
The partnership, which was announced on Thursday (Dec. 16), lets customers use Kredivo as a payment method on the IKEA Indonesia website and at the furniture chain’s five brick-and-mortar stores in Indonesia. Customers can pay in three months at 0% interest, or in six- and 12-month installments with 2.6% interest per month.
“We are very excited to work with IKEA, one of the world’s leading consumer brands,” Lily Suriani, general manager of Kredivo Indonesia, said in the news release. “This partnership is an acknowledgment of Kredivo’s leadership in the BNPL sector and represents a deep commitment on our part to offer our customers a purchase experience with the best retailers in the country.”
“We have a vision to create a better everyday life for many people,” added IKEA Indonesia Marketing Manager Dyah Fitrisally. “One of the concrete steps taken to realize our vision is to expand accessibility, including the enablement of credit payment methods that make it easier for customers to pay for their purchases over time. Through this partnership, Kredivo customers can access IKEA’s well-designed and functional home furnishings using a pay later or installment option that is fast, easy and affordable.”
Kredivo says an increased number of people renovating their homes to accommodate the need to work or study at home has led to rising demand for furniture and home furnishings, growth that’s been reinforced by new spending in the furniture category and the shift to eCommerce.
Read more: BNPL Platform Kredivo Unveils New Payment Card
The partnership with IKEA comes at the end of a busy season for Kredivo. Last week, the company teamed up with Indonesia’s Bank Sahabat Sampoerna to launch a new payment card.
In October, the company formed a partnership with FinTech Standard Chartered to offer loans to customers.
And in August, Kredivo announced it was working with the family investment office Phoenix Holdings to bring its BNPL services to Vietnam.
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