Go-Jek’s influence in cashless scene threatens 72% of Indonesian banks

(Photo credit: Vulcan Post)

As one of the prominent hailing services, Go-Jek’s regional expansion would lead to great disruptions in each local hailing and payment scene. This goes without saying that Indonesia, as Go-Jek’s home country, would inevitably be significantly impacted first-hand. 72% of banks in Indonesia recognise the threat posed by Go-Jek as a strong competitor. According to PwC’s survey, the payment scene which was once dominated by conventional financial service providers has been pressured with the introduction of these tech giants.

Launched in 2015 as a bike ride-hailing mobile service, Go-Jek has evolved into an on-demand mobile platform which offers a vast variety of services including transportation, mobile payments, food delivery etc.

As Go-Jek embarks on its “super app” journey, they have been showing remarkable results which makes Go-Jek a force to be reckoned with. Not only does Go-Jek manages over 900,000 registered drivers, the firm deals with over 100 million transactions per month. Furthermore, Go-Jek has been actively expanding its user base which is evident in its regional expansion plans involving four new markets namely Singapore, Thailand, Vietnam and Philippines.

Alongside Go-Jek, 62% of Indonesian banks responded that other QR code payment platforms such as Alipay and WeChat Pay are also seen as impending threats for their dominance in the payment sector. As both payment modes are expanding its influence across Southeast Asia, 66% of the banks have implemented digital strategies to better retain their market shares against these tech titans.

About FOMO Pay

FOMO Pay provides one-stop QRCode Payment Solution which enables merchants to accept a full suite of new payment methods including WeChat Pay, NETSPay, mVISA, Grab Pay, Baidu Wallet, Best Pay, etc. Launched in 2016 with more than 1000 merchants acquired within a year, FOMO Pay is trusted by major companies including SPH, Marina Bay Sands, StarHub, JUMBO, Club 21, CHANEL, etc. With FOMO Pay, merchants can unlock true business potential by giving customers the payment options they prefer and adopt cashless payment easily. FOMO Pay is also sitting in MAS SGQR Taskforce to promote QR code payment and make Singapore a cashless society.