TikTok Shop will include a buy now, pay later feature on its marketplace via a partnership with Atome, a Singapore-based digital consumer financing platform in Malaysia. The goal is to revolutionize the e-commerce landscape in Malaysia by empowering businesses of all sizes to leverage the powerful force of online shopping, thereby promoting economic growth in the country.
By leveraging Atome, TikTok Shop will enable customers to spread their payments in installments over three or six months, with no interest.
“This partnership between TikTok Shop and Atome signifies a milestone in the e-commerce landscape in Malaysia, heralding a new era of convenience, accessibility, and growth for businesses and consumers alike,” said William Yang, Head of Commercial, Atome in a prepared statement. “By integrating Atome as a payment option on TikTok Shop, we’re excited to help drive ecommerce growth and support brands of all sizes, but especially SMEs and young entrepreneurs in Malaysia while also providing consumers with the choice, convenience and flexibility of how they want to shop and pay.”
Jonathan Low, E-Commerce Lead of Strategy and Special Projects, TikTok Shop also added:
“TikTok Shop is about elevating the shopping experience for consumers and providing brands and small businesses with opportunities to drive growth – all of which is done by bringing together content and commerce. Through this partnership with Atome, TikTok Shop enables merchants and small businesses to offer their customers a convenient and flexible payment option.”
Malaysia’s E-Commerce Industry Is Experiencing Significant Growth
An evolution in consumer behavior, paired with an upsurge of digital adoption, has fueled e-commerce growth in Malaysia. According to Statista, the gross merchandise value (GMV) in the Malaysian e-commerce market reached $14 billion in 2022 and is projected to reach $18 billion by 2025.
These figures are indicative of the tremendous opportunities available for small and local businesses to flourish in the digital marketplace. Through TikTok Shop’s social commerce and Atome’s convenient payment solution, entrepreneurs can expand their reach and drive sales growth.
And expect to see more of these types of partnerships between social commerce platforms and a buy –now, pay later platforms. In fact, a recent collaboration between Amazon and Affirm, which aims to provide customers with more flexible payment options without them needing to seek additional standalone options, alludes to the various partnerships out there that that can streamline the customer experience.
