GoTo Financial (GTF) successfully won two awards at the Excellence and Strongest Banks in Asia Awards 2022 for their activities. The event is organized by The Asian Banker, the Singapore-based leading platform in the financial and banking sectors.
This year, GTF received the Best Digital Wallet for GoPay, as well as Midtrans for a business solution from GoTo Financial, as Best Merchant Service in Indonesia. GTF had the pleasure to be chosen for their performance along with 22 other banks in Asia, the Middle East and Africa after analyzing data from 500 institutions.
As the largest e-wallet platform in Indonesia, GoPay provides a one-click payment system, easy transfers and payment solutions within the GoTo ecosystem as well as other providers. The seamless process is one of the main factors in the evaluation for the award.
According to research by InsightAsia in October 2022, GoPay’s ecosystem has more than 71 percent of users who have been loyal to it for the last five years. Moreover, the service has won the highest trust from consumers with a satisfaction level of 84 percent of users.
"As one of the first digital wallet brands to appear in Indonesia, we are proud to be able to continue witnessing the transformation of digital payments to this point. In line with GoTo Financial's mission, we hope that the widespread use of digital payments, including e-wallets, can open people's access to other financial services," said Sudhanshu Raheja, Head of Consumer Payments at GTF about the first win.
Meanwhile, Midtrans is a payment gateway service that is licensed and supervised by Bank Indonesia (BI) and is no stranger to supporting business actors in developing their businesses. With access to 25 payment methods, from GoPay to conventional payments at convenience stores, Midtrans was created to help businesses process transactions easily and facilitate the payment verification process.
Research conducted by the Demographic Institute at Universitas Indonesia has proven that GTF’s business solutions have a positive impact on micro, small and medium enterprises (MSMEs) through increasing business scale and operational efficiency. Part of this assessment is attributed to small businesses using Midtrans to sell their goods for the first time.
"As part of GoTo Financial, Midtrans continues to be committed to supporting business people to develop their businesses. Midtrans technology enables businesses to process online transactions easily, safely and quickly, so that business management becomes more efficient. We are proud of this achievement and of course this award will continue to motivate us to provide the best service for all users,” said Pratyush Prasanna, Head of Merchant Payments, GoTo Financial.
Findings of Google, Temasek and Bain & Company in the e-Conomy SEA 2022 report, note the overwhelming development of digital economic activities in Asia that has increased by double from 2019 to 2022, which has resulted in many new opportunities for transformation by banking companies.
The Asian Banker, amid sharing their views on the development of the sector, recognize the profound changes that have happened in the digital banking industry and brace for more in the near future.
