Regulation of “Buy Now Pay Later” services within the context of digital finance development in Indonesia

Abstract

Buy Now Pay Later (BNPL) services have grown rapidly alongside the development of digital finance in Indonesia, but they raise problems such as a lack of transparency regarding installments, misuse of personal data, and collection practices that harm consumers. This study aims to analyze the enforceability of financial services authority regulation (POJK) Number 32 of 2025 concerning the provision of Buy Now Pay Later and the forms of legal protection it provides for BNPL users. This study uses a normative legal reseacrh method with a statue approach and a conceptual approaches. The results show that POJK 32/2025, which was enacted on 5 Desember 2025 and promulgated on 15 Desember 2025, has been in force since its promulgation, and no revocation or amendement has been found. POJK 32/2025 provides legal protection for users through three aspects, personal data protection, debt collection mechanisms, and information disclosure regarding the amount and frequency of installments. Accordingly, the issue of information disclosure, and personal data protection now have a regulatory basis, while the issue of debt collection has not been fully resolved because it still refers to other regulations. This study concludes that POJK 32/2025 remains in force and provides a clearer basis for protecting BNPL user but its effectiveness still depends on implementing regulations and stronger supervision.