Indonesian eCommerce company Tokopedia has added a buy now, pay later (BNPL) option to the range of digital payment methods it accepts.
With the new GoPayLater Cicil, select Tokopedia customers can shop on the company’s platform and then choose to pay in installments over one, three, six or 12 months, according to a report from The Jakarta Post.
“The enthusiasm of Tokopedia customers in transacting using the [BNPL] method increased almost threefold in 2021 compared to the previous year,” Tokopedia Senior Vice President of Fintech and Payment Vira Widiyasari said in the report. “In the future, we will continue to make the lives of Indonesians easier by increasing collaborations and ensuring greater integration within the GoTo ecosystem.”
GoTo, a digital ecosystem in Indonesia that includes Tokopedia, said this new BNPL option will help it further develop its FinTech business and provide its customers with a better user experience, convenience and financial inclusion, according to the report.
Born last year, GoTo is the result of a merger between Tokopedia, which was founded in 2009 to create a digital landscape to facilitate commerce throughout the region, and Gojek, which was founded in 2010 as a ride-hailing business and then expanded into food delivery and digital payments.
Read more: Indonesia’s GoTo Startup Seeks $2B In Pre-IPO Talks
“Our goal has always been to build a company that creates social impact at scale, leveling the playing field for small businesses and giving consumers equal access to goods and services across the country,” Tokopedia CEO William Tanuwijaya said at the time of the announcement of the merger.
The company’s BNPL option comes about four months after the Indonesian BNPL platform Kredivo launched a virtual card that can be used to pay on all eCommerce and online platforms.
Read more: BNPL Platform Kredivo Unveils ‘Infinite Card’
Dubbed the Infinite Card, the Kredivo offering reduced “the accessibility gap between traditional credit card holders and Kredivo customers,” Kredivo Indonesia CEO Umang Rustagi said in April.