Facebook and PayPal have invested in Gojek, the Indonesian firm which began life as a ride-hailing app but has since moved heavily into payments and financial services.
Gojek, like Uber and Grab, has used its ride-hailing muscle to move into digital payments, establishing GoPay as a market leader. Its payments business processes billions of transactions each year and owns the largest e-wallet in Indonesia.
The firm commented: “With digital payments adoption primed to accelerate exponentially, the resources of some of the world’s leading global tech businesses will be combined with the local focus and technology of Gojek to benefit millions of businesses and people across Indonesia and Southeast Asia.”
Plans include integrating PayPal’s payment capabilities into Gojek’s services, whilst the two companies will also collaborate to allow customers of GoPay to gain access to PayPal’s network of more than 25 million merchants around the world.
WhatsApp COO Matt Idema commented: “This investment will support Facebook and Gojek’s shared goal of empowering businesses and driving financial inclusion across the archipelago. WhatsApp helps small businesses communicate with customers and make sales, and together with Gojek, we believe we can bring millions of people into Indonesia’s growing digital economy.”