GoTo Group, an Indonesian digital ecosystem, stated, that it has partnered with TikTok to offer its “buy now, pay later” option on ShopTokopedia, the social media platform.
The launch of GoPay Later strengthens the two organisations’ already-existing collaboration by increasing the availability of flexible payment options in Indonesia.
The partnership intends to expand Indonesia’s digital economy, where over 90 million people lack bank accounts.
According to GoTo, a sizable section of the populace does not have access to safe and responsible financial services; the company’s finance division intends to close this gap.
Read also- Egypt-Based Shift EV has Partnered with Raya Auto to Boost Electric Vehicle Industry in Egypt
The service, which is an online platform installment payment option, offers variable tenor options and a credit limit of up to 10 million rupiah (about S$823) based on risk-based pricing. Furthermore, there is no minimum transaction amount.
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.
The consumer loan division of GoTo, which is traded on the Indonesian stock exchange, “significantly contributed to strong topline growth” in the first quarter of this year, according to the company.
Read also- Egypt-Based Educatly has Raised $2.5 Million in New Round Funding
The e-commerce behemoth announced in April that its first-quarter losses for the three months ending on March 31 had been reduced to 420 billion rupiah, while its gross revenue increased by 18% to 4.2 trillion rupiah.
