ShopeePay, GoPay, LinkAja, Culinary Transactions and Donations Rise
Financial technology (fintech) payments companies ShopeePay, GoPay, and LinkAja recorded an increase in transactions over the past year. This surge was supported by changes in the pattern of public transactions from cash to digital in order to anticipate the risk of contracting the coronavirus.
“The Indonesian people continue to show high commitment and enthusiasm for digital shopping and payment activities,” said ShopeePay Marketing Manager Cindy Candiawan as quoted from a press release, Thursday (21/1).
The transaction value of purchasing culinary products using ShopeePay, for example, is equivalent to two portions of food for all Indonesian residents. Meanwhile, transactions for health and fitness products in 2020 are equivalent to a supply of 460 thousand boxes of medical masks.
For basic necessities, the value is more than 6.5 million shopping carts. Then, internet package transactions and phone bills paid with ShopeePay in 2020 are equivalent to 12,500 years of calls. Payment of electricity bills using Shopee’s affiliated fintech service can light up the streets in Jakarta for 30 years.
ShopeePay targets the business to grow even bigger this year. However, Cindy did not specify the target size. Meanwhile, some research shows that the use of ShopeePay surpasses GoPay and OVO in the last year. However, DailySocial research shows that GoPay is still leading in 2020.
GTV Gopay Improvements Last Year
GoPay recorded an increase in total transaction value or gross transaction value (GTV) last year. “GoPay continues to grow during 2020, which is a difficult time,” said Managing Director, GoPay Budi Gandasoebrate as quoted from a press release, Thursday (21/1).
Based on data released by Gojek in November 2020, GoPay transactions increased 2.7 times compared to 2019. During the Covid-19 pandemic, donation transactions reached IDR 102 billion. The Gojek subsidiary also recorded a 2.7-fold increase in transactions on the PayLater feature. Meanwhile, the donation feature has doubled.
The GoPay transfer feature also increased 3.2 times in 2020. Meanwhile, the tipping feature for Gojek driver-partners reached IDR 308 billion. The company will focus on developing business inside and outside the Gojek ecosystem this year.
“This is to provide access and convenience to digital financial services,” said Budi. In 2021 GoPay will add various new features by taking into account the four pillars, namely security, comfort, convenience, and social. GoPay electronic money will focus on developing fintech services inside and outside the GoJek ecosystem.
Starting from digital payments to financial products and services whose development will be tailored to the needs of consumers. The strategy will prioritize safety, comfort, customer service, and the company’s social mission. GoPay Managing Director Budi Gandasoebrate explains GoPay will continue to grow in 2020.
LinkAja Records User Growth of up to 65%
PT Fintek Karya Nusantara (Finarya) as the holder of the LinkAja electronic money license was able to increase the number of users by 65% to more than 61 million people by 2020. In addition, this state-owned electronic money also recorded an increase in transactions and transaction volume of more than four times.
LinkAja Director Edward K Suwignyo stated that throughout 2020, community adoption of fintech will increase, especially to be able to remain productive in health protocols. He considered this to be a positive sentiment. LinkAja hopes that changes in people’s behavior can occur permanently.
Increasing the user experience in the LinkAja application is also a major concern to be able to provide the best customer experience. LinkAja also recorded a five-fold growth in the number of selling partners last year. To date, the company has hooked up more than 900 thousand local merchants.
Based on data from Bank Indonesia (BI), electronic money transactions also jumped along with the corona pandemic. In 2018, the transaction value was only IDR 33.67 trillion. Then, electronic money transactions increased in 2019 to IDR 145.1 trillion. As of September 2020, transactions reached IDR 144.6 trillion.