TMRW by UOB today announced the launch of TMRW Pay, an e-commerce loan that enables consumers in Indonesia to manage their budgeting needs conveniently. TMRW Pay offers consumers in Indonesia the choice of deferred payment services, with zero interest for up to 90 days and instant credit approval through TMRW’s partner, Bhinneka’s1 website and app.
The pandemic has created a shift in consumers’ transactional habits as more of them move their purchasing activities from offline to online channels and this is expected to drive the demand for e-commerce transactions and loans. According to the FinTech in ASEAN 2021 report2, deferred payment services has emerged as a popular digital payment in the region, with one in three consumers saying they have used or will use such payment methods. In particular, Indonesian consumers expressed the highest interest in using deferred payment services (42 per cent) to take advantage of amortised payments for their online purchases.
A Berstein study3 also showed that consumers prefer deferred payment services due to reasons such as flexible payment schedule, better expense management, ability to avoid high fees or interest and ease of use. Deferred payment services also appeal more to younger shoppers, particularly millennials, who are looking for ways to manage their expenses more conveniently.
Mr Hendra Gunawan, President Director, UOB Indonesia, said, “TMRW by UOB continues to tap innovations, to grow its ecosystem of partners and to focus on customers’ feedback, uncovering valuable insights to provide progressive solutions. Our data shows that from January to October 2021, more than half of the transactions on TMRW credit cards were for e-commerce purchases. As e-commerce activities continue to grow, consumers are seeking alternative modes of financing to manage their budgeting needs
and we anticipate that deferred payment services will become more popular. This is why we are pleased to partner Bhinneka, one of the leading e-commerce platforms in Indonesia, to offer TMRW Pay to Indonesian consumers looking for greater flexibility with their expenses.
“We look forward to working with more like-minded partners to reach out to more consumers and to offer them easier access to credit online, given the rising adoption of smart mobile devices. We believe this will help contribute to the increase in credit penetration and the acceleration of the country’s digital economy.”
TMRW by UOB is ASEAN’s first mobile-only digital bank built for the region’s digital generation. It was named as the Best Digital Bank for Southeast Asia for the second consecutive year at the Global Retail Banking Innovation Awards 2021 by The Digital Banker. It was also recognised as the Best Digital Bank in Indonesia at The Alpha Southeast Asia 2021 Awards for two consecutive years, Best Consumer Digital Bank in Indonesia at the 2021 Global Finance Awards, Best Digital Bank in Indonesia at the International Finance Awards 2021 and the Most Innovative Company for The Comprehensive Digital Financial Systems for Millennials by Warta Ekonomi in 2021. The accolades affirmed TMRW by UOB’s commitment to providing a simple, engaging, transparent and hyper-personalised digital banking experience for consumers.
For more information on TMRW Pay please visit TMRW by UOB’s website at https://www.tmrwbyuob.com/id/en/apply-online.html.
Note to media
TMRW Pay is currently available to new UOB or TMRW customers in Indonesia only. As TMRW Pay is a revolving credit facility, customers can use it to pay for multiple transactions based on the available credit limit.
1Bhinneka is the first and leading online-to-offline e-commerce platform in Indonesia that specialises in computers and IT products, communications goods, and consumer electronics. It has more than one million monthly active users and 70,000 unique products listed.
2Source: FinTech in ASEAN 2021: Digital Takes Flight, UOB, PwC Singapore and the Singapore FinTech Association (SFA), https://www.uobgroup.com/techecosystem/news-insights-fintech-in-asean-2021.html
3Source: Buy-now-pay-later: Our short primer and perspectives on top 10 FAQs, Berstein, August 2021.