Higher Popularity, Wider Usage of Shopee PayLater
Paylater services are increasingly dominating the fintech landscape in Indonesia, offering a growing array of choices. According to the latest report by Populix titled “Unveiling Indonesia’s Financial Evolution: Fintech Lending & Paylater Adoption,” in the October 2023 edition, Shopee PayLater has secured the top position as the most popular and widely used paylater service in Indonesia. In this article, we will delve into the survey findings that shed light on why Shopee PayLater has become the preferred choice for many in the nation.
According to the Populix report, Shopee PayLater has won the hearts of 89% of the total 1,017 respondents who participated in the survey. This high level of brand awareness underscores the immense popularity of Shopee PayLater among the Indonesian populace. This might not come as a surprise given that Shopee is one of the largest e-commerce platforms in Indonesia.
As the survey delves deeper, the results become even more impressive. Of the 45% of respondents who claimed to have used paylater services, a staggering 77% of them have benefited from Shopee PayLater. This signifies that Shopee PayLater’s popularity extends beyond mere awareness and is actively utilized by consumers. [Source: Databoks]
GoPay Later, Kredivo, and Akulaku Paylater Follow
In the second position, GoPay Later received recognition from 50% of the respondents, while Kredivo and Akulaku Paylater were known by 38% and 36% of respondents, respectively. Even though Shopee PayLater takes the lead in terms of brand awareness and usage, its competitors such as GoPay Later, Kredivo, and Akulaku Paylater still maintain a strong user base in Indonesia.
Meanwhile, other paylater services like Traveloka PayLater, Home Credit, Indodana PayLater, Atome, and others had smaller proportions of recognition according to the survey. This might suggest that there is potential for growth and opportunities for these services to enhance their brand awareness in the Indonesian market.
The survey was conducted from September 15 to 18, 2023, involving 1,017 respondents distributed across Indonesia. The majority of respondents hailed from Java Island (79%), followed by Sumatra Island (12%), and other islands (9%). In terms of demographics, the 17-25 age group dominated the survey with 55%, while the 26-35 age group contributed 31% of the total respondents.
Shopee PayLater and The Significance of Brand Awareness
The survey related to brand awareness of paylater services included 555 respondents who had used paylater services. The results highlight the importance of brand awareness in influencing consumers’ decisions to use paylater services. Shopee PayLater serves as a successful example in building a strong brand awareness and leveraging it to capture a significant market share.
In the continuously evolving fintech landscape of Indonesia, Shopee PayLater has proven itself as a leader in the paylater service category. With high brand awareness and robust usage rates, Shopee PayLater stands at the forefront. However, competition in the industry remains fierce, with players like GoPay Later, Kredivo, and Akulaku Paylater not far behind. With an array of options available, Indonesian consumers have more choices for managing their finances through paylater services.