GoPay Focuses on Growing Inside and Outside of Gojek
GoPay, the leading digital financial service in Indonesia, will focus on developing businesses inside and outside the Gojek ecosystem, to provide access to digital financial services that are increasingly broad and easy to all levels of society in Indonesia.
This will become one of Gopay’s business priorities in 2021 and will support the company’s efforts to achieve sustainable business growth and accelerate financial inclusion in Indonesia. The services in question range from digital payments to financial products and services whose development will be tailored to the needs of consumers.
The service will be developed by prioritizing four fundamental pillars, namely security, comfort, customer service, and the company’s social mission. This strategy is in line with the momentum of the increasing use of digital financial services in 2020.
It is also seen from the significant increase in the total transaction value (GTV) of GoPay compared to before the pandemic period. This Gojek subsidiary is also preparing a strategy to beat competitors such as OVO to ShopeePay.
Prioritizing the Four Fundamental Pillars
The services to be developed prioritize four fundamental pillars. First, security, GoPay is committed to supporting user security in non-cash transactions. Guarantee “GoPay Back Balance” guarantees the user’s GoPay balance that is lost out of control.
In addition, users can activate biometric features in the form of fingerprints and face verification to verify GoPay transactions outside the Gojek service. GoPay also continuously educates on how to maintain digital security.
Second, convenience, contactless cashless payment with GoPay ensures users can still transact safely and comfortably during a pandemic from anywhere, anywhere. GoPay continues to develop transfer features ranging from transfers to banks, cardless cash withdrawals via the BCA ATM network, to the latest, GoPay Feed.
This feature allows users to send balances with friends while interacting socially even though they have to be away. These various innovations have boosted the use of the GoPay transfer feature to increase by 3.2 times in 2020.
Third, pay attention to community needs. GoPay ensures convenience in various payments for daily activities. Currently, GoPay can be used by more than 900 business partners, ranging from paying various bills, taxes, parking, online shopping to investing in gold and mutual funds.
GoPay can also be used to buy game vouchers, pay for various popular applications on Google Play, subscribe to premium services such as YouTube Music, YouTube Premium, Spotify, Disney + Hotstar, Viu, and others.
The last is a social mission, GoPay is the pioneer of digital donations through the GoPay for Good program. In December 2020 GoPay launched the Digital Donation Outlook, a comprehensive study for the development of the country’s digital philanthropic ecosystem.
There was an Increasing Use of Digital Financial Services Last Year
In addition, GoPay focuses on developing financial services by partnering with Bank Jago. As is known, this Gojek subsidiary has increased share ownership in this digital bank to 22%. Budi said the strategy was in line with the momentum of the increasing use of digital financial services during 2020. He did not specify the growth or value of GoPay transactions last year.
However, he said that the total tips given by consumers to Gojek driver-partners reached IDR 308 billion during the last year. Overall, GoPay has been used in 390 cities in the archipelago. While Snapcart and MarkPlus research, the number of ShopeePay transactions is more than OVO and GoPay during June-August 2020.
The results of the Snapcart survey during September-December and Ipsos in October 2020 also showed that ShopeePay was the leading digital payment services in the archipelago during the pre-coronavirus period. In fact, Bank Indonesia (BI) noted that OVO controls the electronic money market in Indonesia, around 20% in 2019.