PayLater: Between Digital Economy Convenience and Traps for People Living in the Society 5.0 Era

Abstract

The development of digital technology has brought about significant changes in the modern economic system, including the emergence of Paylater services, which offer convenient transactions with a "buy now, pay later" concept. This phenomenon has become a symbol of financial efficiency in the Society 5.0 era, where technology and human needs are integrated. However, behind this convenience, there are potential problems such as consumer behavior, late payments, and low financial literacy among young users. The public's unpreparedness to understand the consequences of digital credit systems makes Paylater a paradox between innovation and a financial trap.

This study aims to analyze how Paylater acts as both a convenience and a risk in the digital economy. The methodology used is a qualitative literature study approach, utilizing secondary data from reports from the Financial Services Authority (OJK), the Katadata Insight Center, and academic publications related to the financial behavior of digital consumers. The analysis was conducted by examining the economic, social, and psychological aspects of Paylater users in Indonesia.

The results indicate that Paylater can expand financial inclusion and increase purchasing power, but it also reinforces a consumer culture and increases the risk of short-term debt dependence. Therefore, it is necessary to increase financial literacy and digital awareness so that this innovation does not become a threat to the economic welfare of society.