Go-jek moves further in on payments
24 de enero, 2019
Tiempo estimado de lectura: 2 minutos
Go-Jek expanded into the Philippines, Singapore, Thailand, and Vietnam last year, and this acquisition can help its presence in the Philippines
Coins.ph’s mobile wallet offers features including mobile payments, cryptocurrency exchange, phone top-up, bill payment, and public transit rides, and counts 5 million users. Go-Jek expanded into the Philippines, Singapore, Thailand, and Vietnam last year, and this acquisition can help its presence in the Philippines.
Payments were instrumental in Go-Jek’s rise in Indonesia: Go-Pay, Go-Jek’s digital payment service that offers money transfers, offline payments, insurance, and microloans, accounts for half of the payments on its network. And in late 2017, the firm acquired three payments and commerce apps, including Kartuku, which focuses on offline payments; Midtrans, an online payments gateway; and Mapan, a saving and lending provider.
Acquiring Coins.ph can allow Go-Jek to better compete with Grab, the leading ride-hailing service in Southeast Asia, which has been moving heavily into payments: It extended its mobile wallet, GrabPay, to six countries in the region and recently expanded further into the Philippines.
The Philippines represents a high growth market, as the country is expected to see a rapid rise in digital payments: The country’s central bank’s goal is to increase cashless transactions in the country from 1% currently up to 20% by 2020. And because ride-hailing apps are able to reach a large and engaged user base — Go Jek counts between 20 and 25 million monthly active users — they are often better positioned than some traditional financial companies and could easily convert existing users into mobile wallet users by offering them in-demand and convenient payment products.
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