Posted by Bangalore: Visa, the world’s leading digital payments technology company has invested in GOJEK as part of the latter’s ongoing Series F fundraising round.
Based in Indonesia, GOJEK is Southeast Asia’s leading mobile on-demand service and payments platform.
Through this investment, both companies will work together to provide greater options on cashless payments and more seamless experiences for consumers across Indonesia and Southeast Asia.
With GO-PAY’s position as 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 innovative 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 GDP levels roughly between 9% and 14%, even in relatively large Southeast Asian economies.
“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,” said GOJEK President Andre Soelistyo.
“GO-PAY and Visa share a collective vision of enabling convenient and seamless transactions for consumers across socio-economic groups. Together with Visa, we will have the unique opportunity to provide greater access to cashless payments across the region,” added GO-PAY CEO Aldi Haryopratomo.
“We are excited about this partnership because Visa and GOJEK share common objectives. We also have a shared goal to bring formal financial services to the unbanked and underserved, including micro, small and medium businesses,” said Chris Clark, Regional President – Asia Pacific, Visa.
“Through this partnership, we will explore ways to leverage the power of GOJEK and Visa’s networks to expand financial access in Southeast Asia,” commented Clark.