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It's confusing: Consumers want fewer payment apps but more features
In a country where many rural residents have never set foot in a bank, urbanites are confronted with a confusing array of e-wallets in the palm of their hand.
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Cashless era: A trader and customer settle a payment through a QR code scan at Banjar Market in the Bali regency of Buleleng on March 8. (Antara/Nyoman Hendra Wibowo)
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alls for an e-wallet “super app” are growing as consumers feel overwhelmed by the many options in Indonesia. Dozens of mobile payment solutions are available, and more are to come in one of the world’s most dynamic digital payment markets.
Financial technology has grown rapidly in recent years, especially since the COVID-19 pandemic popularized contactless payments. As more and more firms join the fray with e-wallets of their own, consumers are struggling to keep up.
“Having many fintech apps is complicated. If there were [just one super-app], I would be very happy,” Jakarta-based entrepreneur Febby Kusumawardani told The Jakarta Post on Wednesday. “I know that each enterprise wants to gain profit by having their own e-wallet, so this is merely one consumer’s wishful thinking.”
Febby has five e-wallets installed on her phone: GoPay, ShopeePay, Blibli Pay, Sakuaja and OVO, the last being her “primary e-wallet” that she tops up regularly. The others she uses only when needed within a specific platform.
The 25-year-old said that while she would like to close some of the e-wallet accounts, she was worried she might need them again someday. Closing the accounts would also mean losing any leftover funds stuck in the apps, as those were not refundable.
“I haven’t tried new e-wallets like TravelokaPay. People say there are lots of discounts, but at this point, I’m already dizzy with all the fintech,” Febby added, referring to the e-wallet feature of online travel agency Traveloka.
Indonesia is home to nearly 50 e-wallets, with five top players dominating the market: OVO, GoPay, DANA, LinkAja and ShopeePay.
