This weekly newsletter chronicles top digital themes and trends playing out in SE Asia, especially Indonesia. We will decode policy and game-changer regulatory changes affecting digital economy sectors, crunch earnings data of top players, track developments related to gig economy workers and attempt to piece together ecosystem buildouts in some of the fastest-growing, venture-backed plays. You can access the previous editions of the Vantage Point weekly posts here.
- GoPay’s increasing collaboration with Bank Jago could be a game-changer
- Last hurrah tech boom businesses fall by the wayside
- SME, micro loan mix to boost IPO prospects for Thai Credit Bank
- The fickle nature of proptech
GoPay’s increasing collaboration with Bank Jago could be a game-changer
GoTo’s creation of a dedicated app for GoPay, in August 2023, signalled a new seriousness in ramping up the huge potential of GoTo Financial, which had previously been disappointingly slow to materialise.
This opened up a whole host of possible services beyond just digital payments, which already includes GoPay Tabungan by Jago, a service that integrates GoPay’s e-money service with Bank Jago’s banking offering for daily transactions.
The GoPay app not only allows easy top-ups by credit or debit card, but also up to 100 free instant transfers to any bank or other GoPay accounts. It also allows transfers to other e-wallets including OVO and ShopeePay, although these are not free.
Through the GoPay app, users can make cash withdrawals from the ATMs of BCA, plus it has a QRIS payment function making it a convenient way to access cash when required and as a means of payment.
An increasing number of merchants and coffee shops have moved to cashless payments, especially in Jakarta.
The GoPay app already gives access to GoPay pinjam instant cash loans of up to 15 million rupiah with interest rates starting at 1.42-1.91% and tenures of two, three, and six months. Only an e-KTP identity card is required to apply for this.
Last week, GoTo announced a new feature called GoPay Tabungan by Bank Jago, which allows GoPay users to transfer their e-wallet balance to their Bank Jago accounts.
Increasing the utility of the GoPay app via the integration with Bank Jago through GoPay Tabungan by Jago could be a game-changer, as it is aimed at the nearly 100 million underbanked in Indonesia. The strategy also fits with GoTo’s stated aim of targeting more budget users.