Visa to Invest in GOJEK and Collaborate on Digital Payments Across Southeast Asiaby Fintech News Singapore July 17, 2019
Visa, has invested in GOJEK, as part of the latter’s ongoing Series F fundraising round. The two companies will work together to provide greater options for cashless payments and more seamless experiences for consumers across Indonesia and Southeast Asia.
With GO-PAY’s position as one of Indonesia’s market leader in digital payments and financial inclusion, this round of funding will support the acceleration of GOJEK’s payment services across Southeast Asia.
The partnership will see GOJEK and Visa collaborating on payment solutions for digital-first consumers and Southeast Asia’s unbanked and underserved population.
Financial inclusion in Southeast Asia continues to be an urgent and important issue. The vast majority of Indonesia’s transactions are still cash-based and the adoption of digital payment services is as low as one in four users in markets like Vietnam.
Addressing this opportunity could increase Gross Domestic Product levels by between 9% and 14%, even in relatively large Southeast Asian economies.
Visa Regional President Asia Pacific, Chris Clark said,
“We are excited about this partnership because Visa and GOJEK share common objectives. We both want to make everyday life more convenient, whether it’s how people move around town in Southeast Asia’s fast-growing urban areas, or making it easier for people to pay and be paid all over the world. We also have a shared goal to bring formal financial services to the unbanked and underserved, including micro, small and medium businesses. Through this partnership, we will explore ways to leverage the power of GOJEK and Visa’s networks to expand financial access in Southeast Asia.”
GOJEK President Andre Soelistyo said,
“We’ve been humbled by investor support over the course of our current fundraising round as they have truly shown confidence in our long-term vision of powering the next phase of technology-enabled growth in Southeast Asia. Visa’s investment in GOJEK is an endorsement of our business model and reflects their belief in GOJEK’s ability to improve the lives of people across the region through our services and payments ecosystem.”
GO-PAY CEO Aldi Haryopratomo added,
“GO-PAY and Visa share a collective vision of enabling convenient and seamless transactions for consumers across socio-economic groups. Having driven the adoption of digital payments in Indonesia to improve incomes and lives, we are delighted to work with Visa to collaborate on further expanding our solutions to consumers across Southeast Asia. Together with Visa, we will have the unique opportunity to provide greater access to cashless payments across the region.”
Featured image credit: Screengrab from Youtube