GoTo Financial, GoTo’s financial technology business unit, has officially launched the GoPay app in Indonesia to attract non-Gojek and Tokopedia users.
The official launch follows an extensive pilot programme wherein the GoPay app was introduced in various cities across Indonesia starting April this year.
“With the GoPay app, we aim to eliminate the barriers to accessing financial services. We have paid special attention to every aspect of the app, including making it light so that those for whom phone capacity is a limited resource will be able to download it, and ensured the app’s design is simple and user-friendly,” Hans Patuwo, President of Financial Technology at GoTo, told reporters on Wednesday.
Patuwo has high expectations from the GoPay application, even though he refused to divulge specific targets on customers and transactions for this year. As of 2022, GoPay had booked 63 million transactions.
Although GoPay now has its own app, Gojek and Tokopedia users can continue accessing GoPay through their own apps. Customers can enjoy some features, including up to 100 free transfers per month, purchase of phone credit, data packages and bill payments at special prices, and an expense report feature that will enable them to better plan their finances. Security is another key area of focus, and consumers using the app will be prompted to complete five simple steps to protect their accounts.
“This is just the start, and we will continue to grow the capabilities of the GoPay app and the features within it to ensure we can meet the financial needs of Indonesians from all walks of life,” added Patuwo.
With the launch, Gopay has now joined other fintech payment firms in Indonesia, including OVO, DANA, LinkAja, and others which have their own apps. Patuwo hopes GoPay can be a new engine for GoTo’s revenue besides Gojek and Tokopedia.
In its Q1 2023 earnings, GoTo stated that they will boost their revenue on GoTo Financial, especially on the lending side. GoTo’s consumer lending offerings include the end-of-month payment called PayLater Akhir Bulan, installment or PayLater Cicil, and cash loan GoPay Pinjam. The latter is being experimented with within the Gojek App, but Soelistyo said it will also be expanded to other apps.
It had stated that GoTo’s lending products have a large captive market, judging by the group’s massive payment volume. Another opportunity for GoTo’s consumer lending offering is that it has the so-called open-loop merchants—meaning offline merchants also accept it.