Dream - Financial products are increasingly diverse with claims of superiority from competitors. In addition to credit cards, many technology companies now offer various installment payment methods, one of which is paylater. Unsecured Business Head, PT Bank Danamon Indonesia Tbk, Tresia Sarumpaet, said conventional products like credit cards, although introduced long ago in society, still have low penetration.

However, the interest cost of paylater is not visible because it is immediately included as a monthly installment fee. "The credit card interest is 1.75 percent per month. So, imagine if you use paylater installments for two months, three months, or even one month, you will be charged 0.3 percent multiplied by 30 days, it never appears (the inflated interest amount) because it is immediately included as a monthly installment," he said.

"Usually published by large institutions that are closely monitored by regulators. Its use is not limited to a specific platform (open loop). Offers additional benefits such as cashback, discounts, rewards points, and others. Starts digitalization through various application and servicing facilities."

Smaller flowers However, the approval process for credit card applications is stricter than paylater because it requires various documents to be included. An annual fee is also charged.

The following is the translation of the given 'Bahasa' text to 'English' while preserving any HTML tags: "Easy and instant approval process Requires less data Imposes high interest and fees Limited to specific platforms (closed loop)"