Facebook is fighting to get a slice of the pie in Indonesia's booming e-payment business, whose revenue is expected to grow nine-fold in the next five years in the country of 270 million people.
It has approached existing digital payment companies to tie up with and compete with major rivals, including local players SoftBank-backed OVO and rival GoPay, owned by Jakarta-based ride hailing firm Gojek and backed by among others, Google and China's Tencent. OVO is an affiliate of Grab, Gojek's closest rival in Indonesia.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you
