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Fintech, social media key to SME growth in 2021: Gojek
A study shows that contactless payment volumes have skyrocketed since last year. Bank transfers rose 345 percent, pay later credit payments 290 percent and Quick Response Indonesia Standard (QRIS) payments 180 percent.
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Food at your doorstep: During the COVID-19 pandemic, food delivery services have helped ride-hailing apps like Gojek survive. (JP/Arief Suhardiman)
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ndonesian small and medium enterprises (SMEs) could book new business growth this year by leveraging cashless payments and social media, as the COVID-19 pandemic continues into its second year, according to a study by homegrown ride-hailing giant Gojek.
The study showed that contactless payment volumes have risen exponentially since last year. Bank transfers rose 345 percent, pay later credit payments 290 percent, Quick Response Indonesia Standard (QRIS) payments 180 percent and GoPay e-wallet transactions 97 percent.
“Since the pandemic, there has been more demand for cashless payment. Even warung [food stalls] now have contactless payment options,” Gojek head of merchant platform business Novi Tandjung said during a press briefing on Tuesday.
She cited a 2019 Facebook study that projected per capita online spending in Southeast Asia would grow over threefold between 2018 and 2025 due to rapid digitalization.
Cooperatives and SMEs Ministry data show that over 10 million Indonesian SMEs onboarded digital platforms last year, a figure that is expected to continue rising this year amid ongoing COVID-19 containment measures, providing a lucrative market opportunity for digital service providers including Gojek, Grab, TikTok and Facebook, among others.
The government has also rolled out several relief programs to protect Indonesian SMEs, which account for 60 percent of Indonesia’s gross domestic product (GDP) and employ 97 percent of the country’s workforce.
Read also: Bank Indonesia aims to double QRIS usage among small businesses, boost cashless payment
