As the mobile wallet market grows in profitability, however, competition is also heating up.
Go-Pay’s largest rival, Ovo, is backed by Singapore-based tech company Grab and is one of the largest players in Indonesia’s digital payment market. State-owned enterprises have also recently collaborated to launch the mobile payment service, LinkAja.
Haryopratomo said he was “excited” by the rising competition.
“I believe the more players in the market, the more partners we can have, actually, that’s the way we think about it,” he added.
To strengthen its position in the market and better serve its consumers, Go-Pay said it is open to partnerships with banks.
“When you’re a player that grows from a very small ride-hailing company to something to become the number one of payments for Indonesia, obviously a lot of banks are going to pay attention,” Haryopratomo said.
“The way that we partner with them is, we find areas where we believe we become a bridge for the bank,” he added. Advertising for banks and connecting them to the large number of Indonesians who do not own a bank account will expand profitability for both parties, Haryopratomo said.