Gojek is moving deeper into digital banking by integrating Indonesia-listed Bank Jago’s cashless payment services into its app, the company said on Thursday. Jago’s customers will also be able to link their bank accounts directly with Gojek’s payment options. This way, each transaction made by Jago customers in the Gojek app will be debited directly from their Jago accounts, bypassing Gojek’s own GoPay payment gateway.
This marks Gojek’s first collaboration with Bank Jago after it acquired a 22% stake in the digital bank in December 2020. The two firms will continue to strengthen their integration in the future, like enabling consumers to open Jago bank accounts through Gojek.
“The initial integration between Gojek and Jago will introduce many new benefits for our customers when they transact on the Gojek app,” said Tjit Siat Fun, Bank Jago’s compliance director and corporate secretary, in a statement. The integration will help customers to better manage their finances, Fun added. “For example, they can create a dedicated ‘pocket’ for their Gojek expenditure to easily track their transactions. In the future, we expect that this will make customers more disciplined in their spending and saving habits.”
Indonesia has around 113 million people who are unbanked. Digital banks see this as a tremendous business opportunity, especially since the country has a young population that generally has access to smartphones and internet connections. The country already has a long list of operational digital and neo banks, including Blu by BCA Digital, Akulaku-backed Bank Neo Commerce, Sea Group’s Seabank, and Line by Hana Bank.
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