Indonesia's e-wallet players draw users with discounts, cashbacks

Firms fight for bigger piece of multibillion-dollar market as digital payments surge in cash-reliant country

A noodle street vendor in Indonesia that accepts payment from e-wallets Go-Pay and Ovo. At least 39 e-wallet apps have been licensed by the central bank. The total value of transactions made through e-wallets was US$1.5 billion (S$2 billion) in 2018,
A noodle street vendor in Indonesia that accepts payment from e-wallets Go-Pay and Ovo. At least 39 e-wallet apps have been licensed by the central bank. ST PHOTO: LINDA YULISMAN

This new year, e-wallet companies are rolling out bigger and better promotional discounts and cashbacks as they fight for a bigger piece of Indonesia's cashless payments market.

The most widely used e-wallet, Go-Pay, for instance, is offering 20,000 rupiah (S$2) cashback for every food purchase at McDonald's this month, while its competitor Ovo is giving a 25 per cent discount at the fast-food chain.

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A version of this article appeared in the print edition of The Straits Times on January 28, 2020, with the headline 'Indonesia's e-wallet players draw users with discounts, cashbacks'. Subscribe