Okebeli is the first buy now pay later (BNPL) overseas firm in China. BNPL market share is expanding due to the jump of e-commerce under global epidemic.
E-commerce online shopping
Buy now pay later (BNPL) provides consumers with a short-term credit instalment payment plan. Consumers can get the goods first and pay in interest-free instalments within a certain period of time.
The BNPL overseas credit payment brand Okebeli was launched in 2021, mainly covering Indonesia and surrounding countries.
For consumers, choosing Okebeli payment during shopping settlement can experience the convenient payment method of “enjoy first, pay later”, and can share a relatively small purchase cost without interest, solving the pain point of insufficient purchasing power.
For merchants, Okebeli helps to increase consumers’ willingness to purchase, enables merchants to obtain higher conversion rates and customer unit prices, and thus increases their gross merchandise value (GMV).
Xu Jianfeng, the founder of Okebeli, said that Okebeli’s main business is in Indonesia, and the coverage rate of its stores has exceeded 60%. This year, the company will continue to strengthen their shares in the Indonesian market, continue to increase investment in technology R&D and risk control capabilities, and serve more local merchants and users.
In the long-term market expansion plan, Okebeli will further expand to more than a dozen countries in Southeast Asia and the Belt and Road Initiative (BRI), a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in nearly 70 countries and international organizations, in the future, Xu added.
In recent years, due to the outbreak of the epidemic, the e-commerce transaction volume has soared, and the industry has flourished. Under this context, the market value of the BNPL consumption model has also grown rapidly. Bank of America estimates that the boom in e-commerce industry could push the volume of the BNPL consumer market to nearly USD 950 billion by 2025.
The rise of China’s cross-border e-commerce and the global infrastructure development strategy of the BRI have also brought new opportunities for Chinese BNPL companies to go overseas.