OJK Introduces Comprehensive BNPL Regulations to Strengthen Financial Sector

New Regulatory Framework for BNPL Services

The Financial Services Authority (OJK) has issued POJK No. 32/2025 to regulate the Buy Now Pay Later (BNPL) industry, effective December 15, 2025 ¹

²

Source 2

https://finansial.bisnis.com/read/20251224/90/1939436/ojk-rilis-aturan-paylater-atur-soal-penyelenggara-hingga-penagihan

³

Source 3

https://keuangan.kontan.co.id/news/ojk-terbitkan-aturan-penyelenggaraan-buy-now-pay-later-bnpl

. This regulatory move aims to provide legal certainty, enhance governance and risk management, maintain financial sector stability, and promote healthy industry growth while supporting national financial inclusion initiatives.

Key Provisions of the New Regulation

The new regulations restrict BNPL operations to commercial banks and financing companies, with specific requirements for each ¹

²

Source 2

https://finansial.bisnis.com/read/20251224/90/1939436/ojk-rilis-aturan-paylater-atur-soal-penyelenggara-hingga-penagihan

. Commercial banks can provide BNPL services in accordance with existing banking regulations, while financing companies must obtain prior approval from OJK before offering BNPL services. The regulations allow BNPL services to be conducted both conventionally and based on sharia principles.

Consumer Protection Measures

The regulations mandate strict consumer protection requirements, including clear information disclosure about financing sources, installment amounts, and payment frequencies ¹

²

Source 2

https://finansial.bisnis.com/read/20251224/90/1939436/ojk-rilis-aturan-paylater-atur-soal-penyelenggara-hingga-penagihan

. Providers must also implement prudent principles, consumer protection measures, and personal data protection in accordance with prevailing laws. These requirements aim to enable consumers to make informed financing decisions.

Operational Guidelines and Oversight

The new framework establishes specific operational guidelines for BNPL services, including:

1. Non-cash transactions for goods/services financing
2. Unsecured lending mechanisms
3. Specific credit limits
4. Electronic system-based installment plans

The regulations also cover collection mechanisms, reporting requirements to OJK, and service termination provisions, whether initiated by providers or mandated by OJK. The authority is empowered to set maximum economic benefit limits for financing companies offering BNPL services, considering public interest, financial system stability, and healthy business competition.

Industry Impact and Future Outlook

With these regulations, OJK aims to create an environment where BNPL services can benefit consumers while maintaining financial system stability ¹

²

Source 2

https://finansial.bisnis.com/read/20251224/90/1939436/ojk-rilis-aturan-paylater-atur-soal-penyelenggara-hingga-penagihan

. The regulatory framework is designed to support responsible industry growth, enhance consumer trust, and promote financial inclusion through digital financial services.