Tuesday
June 4
2019

In Fintech Race, Go-Jek App Extends Consumer Credit to Offline Stores

By Shotaro Tani

Go-Pay, the digital payment arm of Indonesian ride-hailer Go-Jek, will extend a mobile credit service to brick-and-mortar stores starting next month, laying the foundation for a broader financial business targeting its millions of users.

The expansion of PayLater, which lets users pay for transactions on the Go-Jek platform at the end of the month, is yet another development in the ride-hailer’s battle with Singapore-based rival Grab and Ovo, its payment partner in Indonesia.

For Go-Jek, the move represents more than merely catching up with Ovo in Indonesia’s booming e-payments market. The Indonesian “decacorn” — a startup valued at than $10 billion — already offers financial products to drivers and merchants, including savings accounts and housing loans, through its local bank partners.

Photo courtesy of lau rey.

Source: Nikkei Asian Review (link opens in a new window)

Categories
Finance
Tags
digital payments, e-commerce, financial inclusion, financial services, fintech, unbanked