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The instalment payment method offers a credit limit of up to 10 million rupiah with flexible tenor options
INDONESIAN digital ecosystem GoTo Group, in a tie-up with TikTok, has provided its “buy now, pay later” service on the social media platform’s ShopTokopedia, it announced on Monday (Jul 29).
The introduction of GoPay Later, which expands the reach of flexible payment options in Indonesia, builds on the existing partnership between the two companies.
The collaboration aims to grow Indonesia’s digital economy, where more than 90 million people do not have a bank account, as The Business Times previously reported.
A significant proportion of the country’s population lacks access to secure and responsible financial services, GoTo said – a gap which the company’s financial arm plans to fill.
The service, an instalment payment method on the online platform, has a credit limit of up to 10 million rupiah (about S$823), determined by risk-based pricing, as well as flexible tenor options. Additionally, no minimum transaction is required.
GoTo’s chief operating officer Hans Patuwo said: “GoPay Later complements the availability of GoPay as a convenient payment method on TikTok’s ShopTokopedia, providing users with a wider variety of financial services on the ShopTokopedia platform.”
The company will also continue to “strictly follow responsible lending practices”, he added.
GoTo, which is listed on the Indonesian bourse, said that its financial arm “significantly contributed to strong topline growth” for the first quarter of this year.
In April, the e-commerce giant said that it narrowed first-quarter losses to 420 billion rupiah for the three months to Mar 31, while gross revenue for the quarter grew 18 per cent to 4.2 trillion rupiah.
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