The Official GoPay Application is Present, Targeting a New Market Outside the GoTo Ecosystem

GoTo Financial, business unit fintech GoTo, officially launched the GoPay application nationally. Gradually, this application will be strengthened with various financial features to make it easier for people to get access, including reaching those who have not used the service so far Gojek and Tokopedia.

The company itself has been preparing the GoPay application since end of last year and do product market fit to validate market needs. GoPay as an electronic money platform has so far been tied to an application Gojek and is one of the most popular according to the market survey contained in Fintech Report 2021 published DSInnovate.

This application can be downloaded via Google Play and the App Store. For the Android platform, this application has a capacity of 25 MB and is designed concisely with the hope that it will be easy to understand and deliver user experience good for users.

In its inauguration today (26/7), GoTo Group CEO Patrick Walujo said that the GoPay application will not replace the existing GoPay service. Still in its initial version, he ensures that in the future there will be many digital financial innovations in this application.

"We also invest a lot in security feature qualified to protect the GoPay application. GoTo has a commitment to continue to innovate and provide the best, the presence of this application is one of its manifestations," explained Patrick.

President of the GoTo Financial Technology Business Unit Hans Patuwo added, the company is targeting new users who are not currently using it Gojek and Tokopedia. It is stated that the number of GoTo users has reached 63 million based on data as of December 2022.

According to Bank Indonesia data, there are 97 million adults in Indonesia who fall into this category unbanked or do not have an account at the bank.

"We are preparing every aspect so that the GoPay application can truly reach all. Through the GoPay application, we want to eliminate the community's limitations in obtaining financial services," said Hans.

Currently available GoPay features include:

• Free instant transfers anywhere up to 100 times per month, including transfers from GoPay accounts to other GoPay accounts, from GoPay accounts to bank accounts, and from bank accounts to other bank accounts.
• Users can buy pulses and data packages at special prices on the GoPay application and enjoy minimal administration fees for paying BPJS, PLN, and other bills.
• The GoPay application also has an expense report feature that can automatically provide users with an overview of their expenses. This will help them to plan their finances better. The hope is that the presence of this feature can increase people's financial literacy in the long term.
• Five layers of security features for user accounts, including mobile number verification, PIN installation, biometrics, email verification, and upgrade to GoPay Plus.

Hans ensures that in the future other financial features will be coming soon. Although he did not elaborate further, he ensured that the company's philosophy in every product development was always customer-oriented. He also hopes that in the future the business contribution from GoPay can be even more significant for the group.

"This is still the first version. We are always based on what the customer needs. Our philosophy is to solve the problems faced by customers from there to find the best solution."

So far, the use of GoPay is still dominated by transactions in the GoTo ecosystem, starting from GoFood, GoCar, and GoRide. However, the growth of transactions outside the ecosystem, for example for paying Netflix subscriptions and so on, shows a positive trend.

Research results

In the latest research released by InsightAsia entitled "Consistency That Leads: 2023 E-Wallet Industry Outlook" shows that digital wallets are now the most preferred payment method for Indonesian digital society, compared to cash and transfers between bank accounts.

As many as 74% of respondents actively use digital wallets for various financial transactions. The rest chose cash (49%), bank transfers (24%), QRIS (21%), paylater (18%), debit cards (17%), and VA transfers (16%). This research involved 1.300 respondents spread across seven cities, including Greater Jakarta, Bandung, Medan, Makassar, Semarang, Palembang and Pekanbaru, taking place from 19-30 September 2022.

The research also shows GoPay as the platform that has consistently been used the most by consumers in the last five years. Research shows that most digital wallet users have used Gopay (71%) and continue to use it faithfully to this day (58%).

Besides GoPay, other popular e-money platforms are OVO, DANA, and ShopeePay.