This is a good news for some people who do not have or difficult to connect with the bank industry. Recently they do not have to worry with the situation. App-based ride-hailing service Go-Jek’s e-wallet feature, known as Go-Pay, allow people without bank accounts or credit cards to top up their balance by handing cash to their drivers. This will make them to becoming bankable, as part of the company’s mission as a the support of global economy to promote financial inclusion and a cashless economy by easing the process of open bank account in Indonesia.
Go-Jek Indonesia founder and chief executive Nadiem Makarim revealed this system on august last year. But until now, not all of customers aware with the good purpose. In Indonesia where only half of its adult population has bank accounts, a cashless payment solution will be on the forefront of any push to expand in Southeast Asia’s biggest online market. It is only about 60 millions people who have bank account here.
Go-Pay allows customers to deposit cash in their Go-Jek accounts. The credit in the account can be used to pay for the company’s various services, such as car or motorcycle hailing services, food deliveries, housekeeping and so on. Before that, customer could only top up their Go-Pay accounts using bank transfers. The new system allow people who do not have bank accounts experiencing the convenience of cashless payments and later on, an entire banking system.
Nadiem claimed that Go-Pay has so far managed to put people employed in the informal sector – including motorcycle taxi drivers, small merchants and street food vendors – on banks’ radar. This make them allowing to start applying for small loans or open savings accounts. According to him, Go-Pay doesn’t want to be a bank, it wants to be the bridge that helps players in the financial industry to increase access for unbanked people to many financial services.
Meanwhile the Financial Services Authority (OJK) said the banking regulator is encouraging more innovation by technology companies to support the country’s financial inclusion program, which aims to bring four million Indonesian into the banking system every year. The potential that can be gained by the technology industry is huge. That’s why the collaboration between technology companies and telecommunication and financial companies is essential to provide access to financial products that are suitable for the people’s need.
The idea of Go-Pay is similar to e-wallet products offered by banks and telecommunications operators, such as XL Asiata’s XL Tunai, Indosat’s Dompetku, Telkomsel’s Tcash and CIMB Niaga’s CIMB Clicks. But because the increase of the customer (of Go-Pay) make it running faster than the others. It become one of the biggest e-wallets in the country in terms of size and number of users.
However, the Go-Jek chief executive never mention about how many people are already subscribed to the Go-Pay service, citing "fierce competition" in the business. He only explain that number of Go-Pay users are increasing by around 20 percent per week. Even Go-Jek’s growth has never been that fast. It is true that the myriad of services on offer in Go-Jek’s ecosystem would help Go-Pay stand out from competitors.
Disclaimer: This article is a summary of news articles obtained from a number of mass media. We are not responsible for the accuracy of data or sources of information presented by the mass media that became the reference.
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