Indonesian largest digital ecosystem GoTo Group has on Monday 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 said in a statement.

“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,” GoTo Group Chief Operating Officer Hans Patuwo said.

It is noted that 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,” Patuwo added.

Melissa Siska Juminto, President Director of Tokopedia and TikTok Ecommerce, said they are proud to work with GoTo as their strategic partner as they expand their 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,” she added.

It is noted that GoPay Later as an installment payment method on Shop Tokopedia on the TikTok app provides various benefits for users.

This is including 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.

It also includes credit limit up to IDR 10 million ($612.95), determined by risk-based pricing, and flexible tenor options of 1, 3, 6 to 12 months, and no minimum transaction requirement.

In the first quarter , 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 percent quarter-on-quarter and more than tripled year-on-year to IDR 2.7 trillion ($122.59 million), while maintaining a similar non-performing loan (NPL) ratio compared to the previous quarter.

Indonesia’s GoTo says on track to meet full-year adjusted EBITDA break even target