Locally, GO-JEK has added 11 coverage cities in Indonesia such as Lampung, Riau, Aceh, Bali, West Java, North Sulawesi, Gorontalo, Bangka Belitung, and Central Sulawesi. At present, the operator has partnered with more than one million driver partners and 150 thousand GO-FOOD.
JAKARTA (TheInsiderStories) – Indonesian digital payment provider, GO-PAY usage transactions reached US$6.3 billion throughout 2018, said the company in official statement. The transaction was a major contributor to GO-JEK’ annual gross transaction value which reached US$ 9 billion.
Group CEO of GO-JEK Nadiem Makarim said, GO-PAY has been used to process three quarters of mobile payments in Indonesia. The electronic money (e-money) became the most popular digital payment platform in Indonesia with more than 240,000 online and offline merchants in Indonesia.
The GO-JEK ecosystem supported GO-PAY transaction with more than 50 percent of transactions. One of them is through payment transactions in food ordering services, GO-FOOD which also developed significantly by contributing $2 billion in transactions and making it the largest food delivery service in Southeast Asia.
Some report said, GO-PAY became the most popular payment technology financial service in Indonesia throughout 2018. The GO-JEK business unit defeated OVO and TCash in second and third place.
So far, GO-PAY has around 240 thousand partners with 35.4 percent or 95,000 of them are Micro, Small and Medium Enterprises (MSMEs). While OVO claims to have reached 98 percent of the territory in Indonesia. Moreover, OVO is available at 90 percent of malls in 294 cities in Indonesia.
To strengthened its payment business, GO-JEK has acquired several companies in India and Philippines. In 2017, Indonesia’ mobile on-demand services and payment platform, has acquired three leading financial technology (fintech) Kartuku, Midtrans and Mapan in order to reinforce its leadership in internet payment protocol.
Last January, GO-JEK announced it has acquired Philippines financial technology company Coins.ph. The deal is officially undisclosed, but some observer estimating the unicorn paid $72 million for the acquisition.
The company said, its unit GO-PAY will work with Coin.ph in a non-cash payment scheme through the local payment gateway. Coins.ph is a startup that provides services that allow users to buy and sell digital currency or also known crypto-currency and make digital payments.
Previously, GO-JEK announced on May 23, that it will invest about$500 million to enter into four new markets Singapore, Vietnam, Thailand and the Philippines.
The company aiming to replicate its other Indonesian services to the new markets. Currently, one of the country’s unicorn, working with regulators across the region to pave the way for the new operations.
“People in Vietnam, Thailand, Singapore and the Philippines don’t feel that they’re getting enough when it comes to ride-hailing. We hope that as we arrive in new markets, we will quickly become everyone’s go-to lifestyle app. That is our aspiration. In the meantime, we hope our presence will provide the welcome competition markets need to thrive,” he said.
The unicorn, the firts’ $1 billion startup backed by KKR & Co., Warburg Pincus and Tencent Holdings Ltd., declined to disclose the value of the deals.
Previously, in the first week of February, GO-JEK has finalized the Series F funding rounds obtained from several investors, namely Google, Tencent, and JD.com. From the Series F funding round, GO-JEK has received an injection of $920 million which caused the unicorn’ valuation to be estimated at $9.5 billion.
In a recent study conducted by Google on the internet in Southeast Asia, the adoption of digital payment services in the Philippines was quite low, only 21 percent. New internet transactions accounted for 1.6 percent of gross domestic product, making it a promising market.
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