Pengaruh Social Influence, Economic Value dan Hedonistic Motivation terhadap Usage Intention Towards BNPL pada Gen Z: Peran Moderasi Brand Image
Main Article Content
Layanan Buy Now Pay Later (BNPL) berkembang pesat di Indonesia, terutama di kalangan Generasi Z. Namun, sebagian konsumen muda masih belum menggunakan layanan ini meskipun memiliki akses dan pengetahuan yang memadai. Penelitian ini bertujuan untuk menganalisis pengaruh social influence, economic value, dan hedonic motivation terhadap usage intention BNPL, dengan brand image sebagai variabel moderasi. Kerangka konseptual penelitian ini didasarkan pada pendekatan perilaku konsumen digital dan literatur adopsi teknologi finansial.Penelitian ini menggunakan metode kuantitatif dengan pendekatan non-probability sampling melalui teknik purposive sampling. Responden penelitian adalah individu Generasi Z berusia 18–27 tahun yang berdomisili di kota-kota besar Indonesia, telah memiliki KTP, memiliki daya beli aktif, dan belum menggunakan layanan BNPL dalam 12 bulan terakhir. Data dikumpulkan melalui survei daring dengan total 180 responden valid. Setiap konstruk diukur menggunakan 17 item pernyataan reflektif dengan skala Likert lima poin. Analisis data dilakukan menggunakan Partial Least Squares–Structural Equation Modeling (PLS-SEM) dengan bantuan perangkat lunak SmartPLS 3. Hasil penelitian menunjukkan bahwa Social Influence, Economic Value, dan Hedonic Motivation berpengaruh positif dan signifikan terhadap Usage Intention. Selain itu, Brand Image terbukti memoderasi hubungan antara Social Influence dan Economic Value, dengan Usage Intention, memperkuat efek sosial, nilai ekonomis, dan motivasi hedonis terhadap niat penggunaan BNPL. Nilai R² sebesar 0,589 menunjukkan bahwa ketiga variabel independen mampu menjelaskan 58,9% variasi pada Usage Intention, dengan model yang fit (SRMR = 0,053).
Keywords:
Buy Now Pay Later, Social Influence, Economic Value, Hedonic Motivbation, Brand Image, Usage Intention
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Baptista, G., & Oliveira, T. (2017). Why so serious? Gamification impact in the acceptance of mobile banking services. Internet Research, 27(1), 118–139.
Blose, J. E, Xie, H. Y., & Pitts, R. E (2022, May). The Effect of FOMO: In Relation to Involvement and Technology Usage: An Abstract. In Academy of Marketing Science Annual Conference (pp. 355-356). Cham: Springer Nature Switzerland.
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Chandra, S., Srivastava, S. C., & Theng, Y. L. (2021). Evaluating the role of trust in consumer adoption of mobile payment systems. International Journal of Information Management, 60, 102356.
Chu, S.-C., & Kim, Y. (2020). The current state of knowledge on the influence of FOMO on consumer behavior. International Journal of Advertising, 39(3), 316–335. https://doi.org/10.1080/02650487.2019.1628670
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Cooper, D. R., & Schindler, P. S. (2014). Business research methods (12th ed.). McGraw-Hill Education.
Cordoba, B. G., Waite, C., & Walsh, L. (2024). Towards a causal link between food insecurity and buy-now-pay-later use by young australians. Young Consumers, 25(6), 725-747. https://doi.org/10.1108/yc-11-2023-1912
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DSResearch. (2024). Tren penggunaan layanan Buy Now Pay Later di Indonesia tahun 2024. DailySocial Research Report.
Dwivedi, Y. K., et al. (2021). Setting the future of digital and social media marketing research. International Journal of Information Management, 59, 102168.
FintechNews Singapore (2024). Indonesia Expected to Be Southeast Asia’s Biggest BNPL Market by 2028. https://fintechnews.sg/81117/indonesia/indonesia-bnpl-market-forecast-2028/
Fitria, D., & Wijayanto, R. (2022). Financial accessibility and digital payment adoption: The case of BNPL users in Indonesia. Journal of Consumer Behavior Studies, 11(3), 112–124.
Gunawan, A., Mukmin, S. F. W., & Sari, M. (2023). Factors affecting financial management behavior of Paylater users in Indonesia: Examining the moderating role of locus of control. Investment Management and Financial Innovations, 20(4), 171–181.
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24.
Hamzah, M. I., Ramli, F. A. A., & Shaw, N. (2023). The moderating influence of brand image on consumers' adoption of QR-code e-wallets. Journal of Retailing and Consumer Services, 73, 103326.
Hidayat, M. A. (2022). The Analysis of the “Buy Now, Pay Later” Use Intention in Indonesia. International Journal of Current Science Research and Review. https://doi.org/10.47191/ijcsrr/v5-i7-19
International Telecommunication Union (ITU). (2024). Global internet penetration and digital transformation trends 2024. ITU Reports. Retrieved from https://www.itu.int
Kaihatu, T. S. (2023). The influence of tam factors on the interest of pay later users. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi)., 10(1), 162-173. https://doi.org/10.35794/jmbi.v10i1.47351
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Katterbauer, K., Syed, H., Genç, S. Y., & Cleenewerck, L. (2023). Ai driven islamic buy now pay later (bnpl) – a legal analysis. Journal of Management and Islamic Finance https://doi.org/10.22515/jmif.v3i1.6671
Keller, K. L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. Journal of Marketing, 57(1), 1–22.
Khoo, S., Lim, P., & Chew, T. (2023). Perceived convenience and economic rationality in BNPL adoption. Asia Pacific Journal of Marketing and Logistics, 35(4), 987–1003.
Kredivo. (2024). Laporan Perilaku Pengguna PayLater Indonesia 2024. Kredivo & Katadata Insight Center. https://www.kredivo.com/insight-center/paylater-report-2024
Kumar, A., & Nayak, J. K. (2024). Financial literacy, impulsive buying, and BNPL adoption: Evidence from emerging markets. International Journal of Bank Marketing, 42(1), 45–67.
Kumar, A., & Salo, J. (2023). Digital financial services adoption: A systematic literature review. International Journal of Information Management, 63, 102437. https://doi.org/10.1016/j.ijinfomgt.2021.102437
Kumar, S. D. and Nayak, J. K. (2024). Understanding the intricacies of risky indebtedness, impulse buying and perceived risk in buy-now-pay-later adoption. Asia Pacific Journal of Marketing and Logistics, 36(7), 1697-1716. https://doi.org/10.1108/apjml-08-2023-0759
Kurniawan, H. (2023). Digital payment systems and consumer behavior in Southeast Asia. Journal of Digital Marketing, 8(2), 41–57.
Nugroho, N. A., & Putri, S. A. (2022). Pengaruh self-control dan financial attitude terhadap financial management behavior pengguna layanan Buy Now Pay Later. Jurnal Ekonomi, Akuntansi dan Manajemen, 21, 60.
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Otoritas Jasa Keuangan (OJK). (2024). Studi dampak layanan BNPL terhadap stabilitas keuangan individu di Indonesia. OJK Research Papers. Retrieved from https://www.ojk.go.id
Pham, H. T. P., Tran, T. P. H., & Le, T. T. T. (2024). Impulsive buying in the digital age: Investigating the dynamics of sales promotion, FOMO, and digital payment methods. Heliyon, 10(3), e14124. https://doi.org/10.1016/j.heliyon.2024.e14124
Pratika, Y., Salahudin, S., Riyanto, D. W. U., & Ambarwati, T. (2021). Analysis of Pay Later Payment System on Online Shopping in Indonesia. Journal of Economics, Business, & Accountancy Ventura, 23(3). https://doi.org/10.14414/jebav.v23i3.2343
Putri, A., & Nugroho, Y. (2022). Youth digital lifestyle and BNPL preference in Indonesia. Jurnal Ekonomi Digital dan Inovasi, 4(3), 203–217.
Raj, V. A., Jasrotia, S. S., & Shankar, S. (2023). Intensifying materialism through buy-now pay-later (bnpl): examining the dark sides. International Journal of Bank Marketing, 42(1), 94-112. https://doi.org/10.1108/ijbm-08-2022-0343
ResearchAndMarkets. (2024). Indonesia Buy Now Pay Later Business Report 2024.
Sekaran, U., & Bougie, R. (2019). Research Methods for Business: A Skill Building Approach.
Sholikah, M. A., & Safitri, A. (2025). Buy Now, Worry Later? Analisis Motivasi dan Preferensi Pengguna Pay Later terhadap Consumer Spending Decision. Jurnal Ilmiah Raflesia Akuntansi, 11(1), 457-464.
Shukla, P., Mehta, R., & Tan, A. (2023). Instant gratification and status signaling in BNPL purchases. International Journal of Consumer Studies, 47(2), 299–314.
Slade, E, Williams, M., & Dwivedi, Y. (2015). Exploring consumer adoption of proximity mobile payments. Journal of Strategic Marketing, 23(3), 209–223.
Statista. (2024). Global digital payments market report 2024. Retrieved from https://www.statista.com
Sulaiman, A., & Karim, S. A. (2022). Sustainable development through fintech: Understanding the adoption of Buy Now Pay Later (BNPL) applications by Generation Z in Saudi Arabia. Journal of Cleaner Production, 370, 133608. https://doi.org/10.1016/j.jclepro.2022.133608
Suryono, T., Widodo, A., & Lestari, P. (2023). Perception of zero-interest promotion in shaping impulsive BNPL usage Journal of Behavioral Finance Asia, 14(2), 66–79.
Susanti, E, & Yuliana, M. (2023). Peer influence and intention to use BNPL among young consumers. Jurnal Keuangan Digital Indonesia, 6(1), 45–59.
Susanto, P., Hoque, M. E, Hashim, N. H. N., Shah, N. U., & Alam, M. N. A. (2020). Moderating effects of perceived risk on the determinants–outcome nexus of e-money behaviour. International Journal of Emerging Markets, 17(2), 530–549.
Ting, H., Lim, Y. J., de Run, E C., & Koh, H. C. (2025). The double-edged sword of convenience: Decoding youth intentions to embrace Buy-Now-Pay-Later in Sarawak. Journal of Financial Services Marketing, 30, 55–72. https://doi.org/10.1057/s41264-024-00123-x
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 27(3), 425–478.
Verma, A., & Mani, S. (2023). The psychology of instant consumption: Gen Z and BNPL. Journal of Retail and Consumer Services, 70, 103–114. https://doi.org/10.1016/j.jretconser.2023.103114
Waliszewski, K., Warchlewska, A., & Jaworski, P. (2024). BNPL services and household financial fragility: An international perspective Journal of Economic Behavior & Organization, 222, 451–463.
Wijaya, N., & Sari, D. (2023). Social influence and financial decision-making among Indonesian youth. Asian Journal of Marketing Research, 10(1), 90–104.
Yazid, A. (2025). Paylater: Risiko, Keberlanjutan dan GRC - Z-Zone Bloombergtechnoz.com; Bloomberg Technoz. https://www.bloombergtechnoz.com/detail-z_zone/13/paylater-risiko-keberlanjutan-dan-grc
Zeng, S., Gong, J., & Zhang, Q. (2021). Assessing measurement validity in PLS-SEM: A practical guideline Frontiers in Psychology, 12, 690673. https://doi.org/10.3389/fpsyg.2021.690673
Zhu, T. (2022). Analysis of the Influence of Multimedia Information Fusion on the Psychological Emotion of Financial Investment Customers under the Background of e?Commerce Advances in Multimedia, 2022(1), 2651580
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Amir, A., Rahman, N., & Putra, D. (2024). Perceived risk and consumer trust in BNPL adoption among Indonesian Gen Z. Journal of Financial Innovation, 18(2), 55–68.
APJII. (2020). Laporan Survei Internet Indonesia 2020. Asosiasi Penyelenggara Jasa Internet Indonesia.
Arifin, Z., & Widiyanti, R. (2023). Social validation and peer influence on BNPL usage intention in Indonesia. Asian Journal of Digital Economy, 5(1), 72–85.
Asosiasi Penyelenggara Jasa Internet Indonesia. (2024, February 7). APJII Jumlah Pengguna Internet Indonesia Tembus 221 Juta Orang. Apjii.or.id. https://apjii.or.id/berita/d/apjii-jumlah-pengguna-internet-indonesia-tembus-221-juta-orang
Badan Pusat Statistik (BPS). (2023). Statistik Indonesia 2023. Jakarta: Badan Pusat Statistik. https://www.bps.go.id/
Bairagi, V., & Munot, M. V. (2019). Research Methodology: A Practical and Scientific Approach. Boca Raton, FL: CRC Press.
Baptista, G., & Oliveira, T. (2017). Why so serious? Gamification impact in the acceptance of mobile banking services. Internet Research, 27(1), 118–139.
Blose, J. E, Xie, H. Y., & Pitts, R. E (2022, May). The Effect of FOMO: In Relation to Involvement and Technology Usage: An Abstract. In Academy of Marketing Science Annual Conference (pp. 355-356). Cham: Springer Nature Switzerland.
Budiyanto, M. A., Yuliati, Y., & Syaifuddin, M. (2024). Factors affecting the intention to Buy Now Pay Later for online payment of Generation Z. International Journal of Economics, Business and Accounting Research (IJEBAR), 8(1), 1–10. https://doi.org/10.5281/zenodo.1234567
Butt, M. M., de Run, E C., & Azam, S. F. (2021). The impact of situational and enduring involvement on brand impulsive buying. Asia Pacific Journal of Marketing and Logistics, 33(5), 1239–1255. https://doi.org/10.1108/APJML-09-2020-0660
Chandra, S., Srivastava, S. C., & Theng, Y. L. (2021). Evaluating the role of trust in consumer adoption of mobile payment systems. International Journal of Information Management, 60, 102356.
Chu, S.-C., & Kim, Y. (2020). The current state of knowledge on the influence of FOMO on consumer behavior. International Journal of Advertising, 39(3), 316–335. https://doi.org/10.1080/02650487.2019.1628670
Cook, J., Davies, K., Farrugia, D., Threadgold, S., Coffey, J., Senior, K., ... & Shannon, B. (2023). Buy now pay later services as a way to pay: credit consumption and the depoliticization of debt. Consumption Markets & Culture, 26(4), 245-257.
Cooper, D. R., & Schindler, P. S. (2014). Business research methods (12th ed.). McGraw-Hill Education.
Cordoba, B. G., Waite, C., & Walsh, L. (2024). Towards a causal link between food insecurity and buy-now-pay-later use by young australians. Young Consumers, 25(6), 725-747. https://doi.org/10.1108/yc-11-2023-1912
DailySocial.id. (2024). Buy Now Pay Later report: Indonesian consumer insights 2024. https://dailysocial.id/research
DailySocial.id. (2024). Tren Penggunaan BNPL di Indonesia Didominasi oleh Gen Z dan Milenial. https://dailysocial.id/post/tren-penggunaan-bnpl-2024
DSResearch. (2024). Laporan Fintech Indonesia 2024: Perilaku Konsumen BNPL di Indonesia. Jakarta: DSInnovate https://dsresearch.id/report/fintech-2024
DSResearch. (2024). Tren penggunaan layanan Buy Now Pay Later di Indonesia tahun 2024. DailySocial Research Report.
Dwivedi, Y. K., et al. (2021). Setting the future of digital and social media marketing research. International Journal of Information Management, 59, 102168.
FintechNews Singapore (2024). Indonesia Expected to Be Southeast Asia’s Biggest BNPL Market by 2028. https://fintechnews.sg/81117/indonesia/indonesia-bnpl-market-forecast-2028/
Fitria, D., & Wijayanto, R. (2022). Financial accessibility and digital payment adoption: The case of BNPL users in Indonesia. Journal of Consumer Behavior Studies, 11(3), 112–124.
Gunawan, A., Mukmin, S. F. W., & Sari, M. (2023). Factors affecting financial management behavior of Paylater users in Indonesia: Examining the moderating role of locus of control. Investment Management and Financial Innovations, 20(4), 171–181.
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24.
Hamzah, M. I., Ramli, F. A. A., & Shaw, N. (2023). The moderating influence of brand image on consumers' adoption of QR-code e-wallets. Journal of Retailing and Consumer Services, 73, 103326.
Hidayat, M. A. (2022). The Analysis of the “Buy Now, Pay Later” Use Intention in Indonesia. International Journal of Current Science Research and Review. https://doi.org/10.47191/ijcsrr/v5-i7-19
International Telecommunication Union (ITU). (2024). Global internet penetration and digital transformation trends 2024. ITU Reports. Retrieved from https://www.itu.int
Kaihatu, T. S. (2023). The influence of tam factors on the interest of pay later users. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi)., 10(1), 162-173. https://doi.org/10.35794/jmbi.v10i1.47351
Katadata Insight Center. (2024). Tren Konsumen Digital dan Adopsi Fintech di Indonesia 2024. https://katadata.co.id/insightcenter/fintech-2024
Katterbauer, K., Syed, H., Genç, S. Y., & Cleenewerck, L. (2023). Ai driven islamic buy now pay later (bnpl) – a legal analysis. Journal of Management and Islamic Finance https://doi.org/10.22515/jmif.v3i1.6671
Keller, K. L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. Journal of Marketing, 57(1), 1–22.
Khoo, S., Lim, P., & Chew, T. (2023). Perceived convenience and economic rationality in BNPL adoption. Asia Pacific Journal of Marketing and Logistics, 35(4), 987–1003.
Kredivo. (2024). Laporan Perilaku Pengguna PayLater Indonesia 2024. Kredivo & Katadata Insight Center. https://www.kredivo.com/insight-center/paylater-report-2024
Kumar, A., & Nayak, J. K. (2024). Financial literacy, impulsive buying, and BNPL adoption: Evidence from emerging markets. International Journal of Bank Marketing, 42(1), 45–67.
Kumar, A., & Salo, J. (2023). Digital financial services adoption: A systematic literature review. International Journal of Information Management, 63, 102437. https://doi.org/10.1016/j.ijinfomgt.2021.102437
Kumar, S. D. and Nayak, J. K. (2024). Understanding the intricacies of risky indebtedness, impulse buying and perceived risk in buy-now-pay-later adoption. Asia Pacific Journal of Marketing and Logistics, 36(7), 1697-1716. https://doi.org/10.1108/apjml-08-2023-0759
Kurniawan, H. (2023). Digital payment systems and consumer behavior in Southeast Asia. Journal of Digital Marketing, 8(2), 41–57.
Nugroho, N. A., & Putri, S. A. (2022). Pengaruh self-control dan financial attitude terhadap financial management behavior pengguna layanan Buy Now Pay Later. Jurnal Ekonomi, Akuntansi dan Manajemen, 21, 60.
Otoritas Jasa Keuangan (OJK). (2023). Laporan Statistik Fintech Lending Triwulan IV 2023. https://www.ojk.go.id/id/statistik
Otoritas Jasa Keuangan (OJK). (2024). Studi dampak layanan BNPL terhadap stabilitas keuangan individu di Indonesia. OJK Research Papers. Retrieved from https://www.ojk.go.id
Pham, H. T. P., Tran, T. P. H., & Le, T. T. T. (2024). Impulsive buying in the digital age: Investigating the dynamics of sales promotion, FOMO, and digital payment methods. Heliyon, 10(3), e14124. https://doi.org/10.1016/j.heliyon.2024.e14124
Pratika, Y., Salahudin, S., Riyanto, D. W. U., & Ambarwati, T. (2021). Analysis of Pay Later Payment System on Online Shopping in Indonesia. Journal of Economics, Business, & Accountancy Ventura, 23(3). https://doi.org/10.14414/jebav.v23i3.2343
Putri, A., & Nugroho, Y. (2022). Youth digital lifestyle and BNPL preference in Indonesia. Jurnal Ekonomi Digital dan Inovasi, 4(3), 203–217.
Raj, V. A., Jasrotia, S. S., & Shankar, S. (2023). Intensifying materialism through buy-now pay-later (bnpl): examining the dark sides. International Journal of Bank Marketing, 42(1), 94-112. https://doi.org/10.1108/ijbm-08-2022-0343
ResearchAndMarkets. (2024). Indonesia Buy Now Pay Later Business Report 2024.
Sekaran, U., & Bougie, R. (2019). Research Methods for Business: A Skill Building Approach.
Sholikah, M. A., & Safitri, A. (2025). Buy Now, Worry Later? Analisis Motivasi dan Preferensi Pengguna Pay Later terhadap Consumer Spending Decision. Jurnal Ilmiah Raflesia Akuntansi, 11(1), 457-464.
Shukla, P., Mehta, R., & Tan, A. (2023). Instant gratification and status signaling in BNPL purchases. International Journal of Consumer Studies, 47(2), 299–314.
Slade, E, Williams, M., & Dwivedi, Y. (2015). Exploring consumer adoption of proximity mobile payments. Journal of Strategic Marketing, 23(3), 209–223.
Statista. (2024). Global digital payments market report 2024. Retrieved from https://www.statista.com
Sulaiman, A., & Karim, S. A. (2022). Sustainable development through fintech: Understanding the adoption of Buy Now Pay Later (BNPL) applications by Generation Z in Saudi Arabia. Journal of Cleaner Production, 370, 133608. https://doi.org/10.1016/j.jclepro.2022.133608
Suryono, T., Widodo, A., & Lestari, P. (2023). Perception of zero-interest promotion in shaping impulsive BNPL usage Journal of Behavioral Finance Asia, 14(2), 66–79.
Susanti, E, & Yuliana, M. (2023). Peer influence and intention to use BNPL among young consumers. Jurnal Keuangan Digital Indonesia, 6(1), 45–59.
Susanto, P., Hoque, M. E, Hashim, N. H. N., Shah, N. U., & Alam, M. N. A. (2020). Moderating effects of perceived risk on the determinants–outcome nexus of e-money behaviour. International Journal of Emerging Markets, 17(2), 530–549.
Ting, H., Lim, Y. J., de Run, E C., & Koh, H. C. (2025). The double-edged sword of convenience: Decoding youth intentions to embrace Buy-Now-Pay-Later in Sarawak. Journal of Financial Services Marketing, 30, 55–72. https://doi.org/10.1057/s41264-024-00123-x
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 27(3), 425–478.
Verma, A., & Mani, S. (2023). The psychology of instant consumption: Gen Z and BNPL. Journal of Retail and Consumer Services, 70, 103–114. https://doi.org/10.1016/j.jretconser.2023.103114
Waliszewski, K., Warchlewska, A., & Jaworski, P. (2024). BNPL services and household financial fragility: An international perspective Journal of Economic Behavior & Organization, 222, 451–463.
Wijaya, N., & Sari, D. (2023). Social influence and financial decision-making among Indonesian youth. Asian Journal of Marketing Research, 10(1), 90–104.
Yazid, A. (2025). Paylater: Risiko, Keberlanjutan dan GRC - Z-Zone Bloombergtechnoz.com; Bloomberg Technoz. https://www.bloombergtechnoz.com/detail-z_zone/13/paylater-risiko-keberlanjutan-dan-grc
Zeng, S., Gong, J., & Zhang, Q. (2021). Assessing measurement validity in PLS-SEM: A practical guideline Frontiers in Psychology, 12, 690673. https://doi.org/10.3389/fpsyg.2021.690673
Zhu, T. (2022). Analysis of the Influence of Multimedia Information Fusion on the Psychological Emotion of Financial Investment Customers under the Background of e?Commerce Advances in Multimedia, 2022(1), 2651580
