Fintech
GoTo Expands TikTok Partnership with Buy Now, Pay Later Service
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Indonesian technology company Go to group expanded its partnership with TikTok by introducing a “Buy Now, Pay Later” (BNPL) service, GoPay lateron TikTok’s ShopTokopedia platform.
This follows TikTok acquisition of a controlling stake in Tokopedia, completed in January this year, with the aim of reviving its e-commerce ambitions in Indonesia.
GoPay Later users will have access to a simplified crediting process that includes a facial recognition data verification step to activate GoPay Later on ShopTokopedia.
The service offers credit limits of up to IDR 10 million (approximately USD 613) and flexible repayment terms ranging from 1 to 12 months, with no minimum transaction amount required.
In Indonesia, there are over 97 million adults without access to banking services and without guarantees of safety.
GoTo Financial, the financial arm of GoTo Group, seeks to fill this gap with GoPay Later.
In the first quarter of 2024, GoTo Financial’s consumer lending business, including BNPL and cash lending products, grew significantly, with outstanding loans reaching IDR 2.7 trillion (USD 165.5 million), up 43% from the previous quarter.
Hans Patuwo, COO of GoTo Group, said:
“GoPay Later complements the availability of GoPay as a convenient payment method on TikTok’s ShopTokopedia, offering users a broader range of financial services on the ShopTokopedia platform, while enabling both GoTo and TikTok to further fuel business growth.”
Melissa Siska Juminto, President and Director of Tokopedia and TikTok Ecommerce, said:
“We are proud to collaborate with GoTo as our strategic partner to expand our offering to Indonesian consumers, thus contributing more broadly to the country’s digital economy.
GoPay Later on ShopTokopedia will help us provide more merchants and small businesses with more flexible payment options, allowing them to offer their customers a more seamless shopping experience.”