At the time, PayPal said it was the first foreign FinTech online payment platform. And the total number of active mobile payment customers is expected to reach 956 million by 2023, the company said. The market is also seeing an increase in cross-border transactions, especially in areas such as e-commerce, travel and education abroad.
And most importantly, they are now included in the formal financial system. Over time, financial inclusion has been shown to improve the well-being of the previously poor without a bank account. Multiply this by 2 million GOJEK driver partners and more than 300,000 MSME dealers, and it can easily become a solution for Indonesia to improve financial inclusion.
In 2017, it acquired Loket.com , one of the largest online event management and ticket booking systems companies in Indonesia. In the same year, the company acquired three major network fintech companies in Indonesia; Kartuku, Midtrans and Mapan to expand its payments business. A native of Indonesia, Nadiem has degrees from Brown University and Harvard Business School. He worked at McKinsey and Co. consulting for three years before starting Gojek from a small call center with only 20 Ojek drivers, who later became recruiters. As a loyal Ojek user, Nadiem found that Ojek drivers spend most of their time waiting for customers, while customers waste time searching for an available Ojek.
GoPay has licenses for online and mobile transactions and mainly offers payment products for industries such as e-commerce, cross-border trade, tourism and others. Like PayPal, GoPay allows merchants to accept payments on their websites when customers shop online. PayPal announced this morning that it has completed the acquisition of a 70% stake in GoPay (Guofubao Information Technology Co., Ltd.).
This cooperation allows MSME players to use GoToko to access a full range of important products from various brands, including Unilever, at competitive prices and affordable shipping costs. UNSGSA for Inclusive Development Finance slot via gopay has recognized the progress that GOJEK has made in enabling digital financial inclusion in Indonesia. Then similar partnerships were established, not only with convenience stores and pharmacies, but also with MSMEs.
The PayPal Holding Inc. is the first foreign operator with 100% control over a payment platform in China, according to the Chinese government, as the US fintech giant seeks to gain a foothold in a booming online payment market. Consumers load money into their GoPay wallet through cash payment to Gojek drivers, ATMs, SMS or online banking and pay simply by confirming the order and entering their PIN. A post-payment service is also offered, in which all transactions are combined into a single invoice, which must be paid at the end of the month. PayPal had acquired a 70 percent stake in GoPay, officially known as Guofubao Information Technology, at the end of 2019.
“We see ourselves as China’s PayPal in cross-border business,” Bill Deng, CEO and co-founder of the startup XTransfer, told Reuters. The Shanghai-based payment platform facilitates cross-border money transfers for Chinese merchants. And it was the first foreign company allowed to offer online payment services in China. American financial services companies have long been struggling to gain a foothold in China. Last year, the Chinese central bank said it would open up even more to foreign payment companies, but approvals have been slow. In November 2018, American Express became the first US card network to receive permission to set up card clearing services in China.
A research study reports that the average income of full-time driver partners (3.48 crore per month) is 1.25 times higher than the average minimum wage in Indonesia (2.8 crore per month). As part of this collaboration, Gojek is working with Unilever through the recently launched GoToko. GoToko is a digital B2B platform that connects micro, small and medium-sized enterprises in Indonesia with leading consumer goods companies.
In 2016, he announced a collaboration with Blue Bird, a large Indonesian taxi company. In the same year, he launched Go-Car, expanded the motorcycle fleet to cars and launched Go-Auto, which provides mechanical services on request. By August 2016, it was Indonesia’s first online transportation system.
Go-Pay is the fourth largest e-wallet service in Indonesia, behind the country’s largest lenders; e-money from Mandiri Bank, Flazz from the Central Bank of Asia and Telkomsel’s telecommunications company T-Cash. In October 2017, go-pay transactions accounted for 30 percent of total e-money transactions in Indonesia. In the same year, Kapitalbank recognized the service as the most proactive fintech company in support of the national cashless movement. In May 2017, the service acquired a license from the Central Bank to use QR code scans for payments.