Friday
March 22
2019

Go-Pay sets out to ‘strengthen’ its digital wallet presence in cash-reliant Indonesia

By Shirley Tay

Digital payment is becoming increasingly popular in Indonesia — yet 99 percent of transactions by volume are carried out using cash, according to management consultancy McKinsey and Company.

To tap the massive potential of Indonesia’s electronic payment market, Go-Pay — the mobile wallet of ride-hailing app Go-Jek — is planning to “strengthen and deepen” its position in that space, according to Go-Pay CEO Aldi Haryopratomo.

“The real competition is how do we move people away from cash? Once you have people moving away from cash, there is so many things that you can do,” Haryopratomo told CNBC’s “Squawk Box Asia ” on Wednesday.

According to Haryopratomo, Go-Pay is currently the country’s market leader in the e-wallet space, where online credits can be used for in-app purchases of goods and services or with partner merchants.

Photo courtesy of lau rey.

Source: CNBC (link opens in a new window)

Categories
Finance, Technology
Tags
cashless, digital finance, digital payments, emerging markets, fintech