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Facebook in talks about partnering with local e-payment platforms
E-wallet transactions in the country, which were valued at US$1.5 billion in 2018, are projected to reach $25 billion by 2023, according to a joint study between iPrice Group and App Annie.
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A customer uses a mobile application to pay at a cashier. (Shutterstock/NATA FUANGKAEW)
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ocial media company Facebook is talks with local e-payment platforms to team up in proving financial services in Indonesia’s growing digital payment market, a company representative has said.
"We are in conversations with partners in Indonesia. However the discussions are ongoing," an Indonesia-based Facebook spokesperson told The Jakarta Post on Thursday without providing more information.
The number of digital consumers in Indonesia has grown sharply in recent years.The number reached 102 million in 2018, or 53 percent of the country’s population, rising sharply from 64 million or 34 percent of the total population in 2017, according to a recent study from Facebook in collaboration with Bain & Company.
E-wallet transactions in the country, which were valued at US$1.5 billion in 2018, are projected to reach $25 billion by 2023, according to a joint study between iPrice Group and App Annie.
The study also showed that there are at least 38 licensed e-wallet platforms in the country with Go-Pay, OVO, DANA, LinkAja and Jenius the top five platforms based on the number of active monthly users.
In terms of partnerships, OVO president director Karaniya Dharmasaputra said the company was open to partnering with other companies as long as it would enhance financial inclusion in the country.
“OVO is open to partnerships with anyone. This is in line with our open-ecosystem strategy that we always adhere to,” he said on Thursday.
Facebook, WhatsApp's parent company, has been testing WhatsApp Pay in India since 2018 and is set to launch the payment service in the South Asian country this year.
Facebook CEO Mark Zuckerberg reportedly said on January that he expected WhatsApp Pay to start rolling out in a number of countries and progressing in the next six months.
According to the Communications and Information Ministry, 83 percent of the country’s internet users, or around 141 million people, use WhatsApp, making Indonesia one of the chatting platform’s biggest markets.
Meanwhile, Facebook’s own payment system Facebook Pay was introduced in November last year in the United States and Europe across its platforms, namely Facebook, Messenger, Instagram and WhatsApp.
