BRI Introduces "Ceria", An Application for Virtual Credit Card Services

BRI has launched BRI Ceria, a paylater service or virtual credit card targeting underbanked debtors. The application is now available to download in the Android version.

It's further detailed in the release that BRI Ceria is to provide loans start from Rp500 thousand up to Rp20 million with a tenor of 1-12 months. The interest rate is 1.42% per month or 17.04% per year. If it's already past the due date, customers may incur a late payment fee for 3% of the total bill or up to Rp150 thousand.

This feature is limited only for BRI customers. It's a strategy to make credit scoring and prevent fraud.

Another requirement is for the customers should at least 21-50 years old, with minimum income of Rp3 million, and have Taxpayer Identification Number (NPWP).

BRI claimed, once the data submitted, the verification process will only take 30 minutes. Once approved, the credit limit is available to shop at online merchants. This concept is similar to the ones issued by Kredivo and Akulaku.

In the initial stage, BRI Ceria has available to use for payment on Tokopedia, purchase flight tickets on the Panorama JTB site, and the electronic products e-commerce Dinomarket.

Quoted from Kontan, BRI's Director of Digital, IT, and Operational, Indra Utoyo explained. Ceria is BRI's paylater with a limit of up to Rp20 million targeting ultra micro customers.

"The new product Ceria is to be launched soon, BRI's paylater up to Rp20 million limit for ultra micro," he said.

Prior to this, BRI through its subsidiary, BRI Agro, has launched a similar application named Pinang.

The development of BRIBOX

Next year, the company will continue the digital initiation through BRIBOX, it's a modernization of work unit network infrastructure throughout Indonesia, modernization of cloud-based data centers, and implementation of core banking modernization.

The initiation is to absorb the largest allocation for IT-related capital expenditure. Indra also revealed the bank has prepared Rp4.2 trillion for next year's budget, increased by 13.5% from this year's budget.

"The main effect of modernization is to be eager to face the growth and innovation of digital services that are flexible, scalable, secure, and reliable."

The digital transaction has now dominated the entire transaction at BRI. About 80% [of the transactions] come from non-branches. Moreover, the company plans to shift the employees' role in branch offices as customers' advisors and counselors.

"Closing branch offices is a normal consequence, but its role will later be rethought. Teller's current role is now being repurposed because there will be a lot of self-service and assisted service in the future," Indra said.