Jakarta, 29 July 2024 — GoTo, PT GoTo Gojek Tokopedia Tbk (IDX: GOTO, “GoTo Group'' or the “Company”), the largest digital ecosystem in Indonesia, today announced that it is enhancing its partnership with TikTok by providing a “Buy Now, Pay Later” (BNPL) product, GoPay Later, on TikTok’s ShopTokopedia. This expands on the existing partnership between GoTo and TikTok aimed at driving the growth of Indonesia’s digital economy, including through accessible financial services.
GoTo Group COO Hans Patuwo said, “We are excited to deepen our strategic partnership with TikTok with the launch of GoPay Later on TikTok’s ShopTokopedia. 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 while enabling both GoTo and TikTok to further fuel business growth.”
With over 97 million unbanked adults, a significant portion of Indonesia’s population lacks access to secure and responsible financial services. Through its financial arm GoTo Financial, GoTo aims to address this gap.
“As a provider of consumer lending services, GoTo Financial will continue to strictly follow responsible lending practices, which include maintaining transparent communication with consumers, providing loans according to users’ borrowing power, as well as equipping consumers with financial education enabling them to be responsible borrowers,” Hans added.
Melissa Siska Juminto, President Director of Tokopedia and TikTok Ecommerce, said “We are proud to work with GoTo as our strategic partner as we expand our offering to Indonesian consumers, thereby contributing more broadly to the country’s digital economy. GoPay Later on ShopTokopedia, will help us provide more merchants and small businesses with increased flexible payment options, enabling them to offer their customers a more seamless shopping experience.”
GoPay Later as an installment payment method on Shop Tokopedia on the TikTok app provides various benefits for users, including:
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Simplified credit process, where existing users of GoPay Later simply need to complete a data verification process through facial recognition to activate GoPay Later on ShopTokopedia
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Credit limit up to IDR 10 million, determined by risk-based pricing
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Flexible tenor options of 1, 3, 6 to 12 months
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No minimum transaction requirement
In Q1 2024, GoTo Financial’s consumer lending business significantly contributed to strong topline growth for the GoTo Group. Outstanding consumer loans, including BNPL and cash loan products, increased by 43% quarter-on-quarter and more than tripled year-on-year to Rp2.7 trillion, while maintaining a similar NPL ratio compared to the previous quarter.
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About GoTo Group
GoTo is the largest digital ecosystem in Indonesia. GoTo's mission is to ‘empower progress' by offering technology infrastructure and solutions that help everyone to access and thrive in the digital economy. The GoTo ecosystem provides a wide range of services including mobility, food delivery, groceries and logistics, as well as payments, financial services, and technology solutions for merchants. The ecosystem also provides e-commerce services through Tokopedia and banking services through its partnership with Bank Jago.
Media contact:
For further information, please contact:
Audrey Petriny
Head of Corporate Affairs GoTo Financial
GoPay Public Relations
