GoPay and Bank Jago Release Short Term Savings Products

Savings products will still be the focus of PT Dompet Anak Bangsa (GoPay) after it is established independent application last year. Through its main product GoPay Savings by Jago, GoPay is again introducing savings accounts with its ecosystem partner PT Bank Jago Tbk.

The GoPay Savings by Jago savings account is a short-term savings product which is said to have a number of advantages, including saving starting from IDR 1, flexibility in disbursement, no administration fees or penalty fees, and interest of 3,75% pa.

"GoPay innovation will still be adapted to user needs, for example payment transactions and savings products. We want to build a foundation for people to save, before jumping to other products, such as investment," said GoPay Head of Banking & Financial Management Andreas Santopen when met after the GoPay product launch Savings by Jago, Wednesday (31/1).

Currently, GoPay Savings by Jago has three types of accounts. First, the main account which was introduced in October 2023. Second, the main Sharia account, and finally the savings account. All products and services are guaranteed by LPS and supervised by BI and OJK.

They claim that since it was first released until now, GoPay Savings by Jago has attracted 700 thousand users with a 5-fold increase in transactions. Meanwhile, transactions in the GoPay application are dominated by bill payment services, e-commerce, credit and QRIS.

From the results of their research, they found that a number of GoPay users had difficulty starting to save because they thought that savings products at banks required large amounts of funds with high administration fees. Apart from that, access is also difficult because the branch office is far away.

Based on LPS data in 2022, the ratio of savings to Gross Domestic Product (GDP) in Indonesia is still low at 38,8% compared to countries in Southeast Asia, such as Singapore (141%), Thailand (135,69%), and Malaysia (122,59%).

"We will continue to add new GoPay Savings features to foster savings habits in the community," added Bank Jago Head of Customer Value Management Irene Santoso.

Synergy Jago Bank and GoTo Group has been intertwined in various business ecosystems. Starting with the synergy of opening an account, Bank Jago has now been integrated as one of the payment methods in the application Gojek automatically, both GoRide, GoFood and GoSend services.