Go-Jek doubles down to dent cash reliance in Indonesia

As much as 99% of transactions are still carried out through hard, cold cash.

CNBC reports that ride-hailing firm Go-Jek is deepening its foothold in Indonesia’s electronic market landscape to dent the heavy reliance of cash which still accounts for as much as 99% of transactions, data from consultancy firm McKinsey show.

The firm’s mobile wallet, Go-Pay, is aiming to strengthen its market-leading position in the in-app purchase of goods and services where it counts Grab-backed Ovo as its major rival.

Also read: Banks in emerging Asia jostle for e-payments market share against telcos and online upstarts

"The real competition is how do we move people away from cash? Once you have people moving away from cash, there is so many things that you can do," Haryopratomo told CNBC.

State-owned banks have earlier collaborated to launch a mobile wallet service, LinkAja, to dent the dominance of third-party payment players in Indonesia.

Here’s more from CNBC:

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