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The two companies have been facing tight competition from Shopee and Grab but the recent merger, alongside reported plans of an IPO, is expected to boost GoTo's presence in the Southeast Asian digital economy.
Financial Services Authority (OJK) data showed that last year, only Rp 32.52 trillion (US$2.25 billion) or 15 percent of P2P loan disbursements went to borrowers outside of Java, signaling a wide untapped market on other Indonesian islands.
Indonesian e-wallet firms are aiming to tap into the growing number of young investors during the pandemic, by partnering with investment platforms to access to investment products like mutual funds and gold.
According to a survey conducted by market research firm Ipsos in October, ShopeePay's user penetration was 48 percent, exceeding other e-wallets, including OVO (46 percent), GoPay (35 percent), DANA (26 percent) and LinkAja (16 percent).
“Before joining the preemployment program, 13 percent [of the recipients] did not have an e-wallet or access to the bank, now they do. This 13 percent amounts to around 728,000 people,” Denni said during a press briefing on Wednesday.
