Tokopedia introduces BNPL option to Indonesian consumers

Tokopedia has expanded its digital payment method offerings with the introduction of a new lending solution, GoPayLater Cicil, to only selected Tokopedia users.

GoPayLater Cicil is a flexible Buy Now, Pay Later (BNPL) solution that enables users on Indonesia’s leading marketplace to better manage its  finances by splitting lump sum payments for Tokopedia purchases into monthly instalments over one, three, six or 12 months. It serves as the latest instalment lending product available on Tokopedia - part of GoTo, Indonesia’s largest digital ecosystem. 

GoPayLater Cicil provides a seamless experience from registration to disbursement with the support of a number of financial services partners, including GoTo strategic partner Bank Jago as the main source of credit funding. GoPayLater Cicil users can customise their instalment period and loan limit. 

The introduction of GoPayLater Cicil as a payment option is the next step in GoTo’s fintech strategy as it seeks to use the scale of its ecosystem to continuously improve user experience and convenience. Since GoPay launched on Tokopedia in 2021, it has become the preferred e-payment option, accounting for 93% of all e-money transaction value on the e-commerce platform in Q1 2022.

"GoPayLater Cicil on Tokopedia is another way in which our ecosystem is providing benefits to users, following the launch of GoPay and GoPayLater on Tokopedia. Tokopedia users' enthusiasm for BNPL payment methods increased almost threefold in 2021 compared to the previous year, so we are providing this new service to give them even more flexibility. In the future, we will continue to make the lives of Indonesians easier by increasing collaborations and ensuring greater integration within the GoTo ecosystem," Vira Widiyasari, Fintech and Payment Tokopedia SVP explained.

"GoPayLater Cicil adds to the diversity of e-payment options that are available throughout the GoTo ecosystem. As we continue to integrate our businesses and increase cross-platform use cases, we will gain richer insights that better inform underwriting data and consumer credit scoring. This in turn will help us to create more inclusive, responsible, tailored solutions for all financial needs. We have taken a great deal of care in the development of GoPayLater Cicil, as we aim to empower even more consumers to manage their finances more conveniently and in a way that is right for them," Hans Patuwo, GoTo Payments and Financial Services director and head added.

According to the company, BNPL is poised to grow in Southeast Asia, especially in Indonesia, where close to 35% of Indonesian adults are considered underbanked. Related Articles: 
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