GoTo's financial tech unit launches GoPay app

GoTo's financial technology business unit, GoTo Financial, has officially launched the GoPay app in Indonesia, as part of its commitment to provide financial services for more people across the country, including those who are not Gojek and Tokopedia users.

Users will be able to use all features in the app, including up to 100 free transfers per month, purchase of phone credit, data packages and bill payments at special prices, and an expense report feature which will enable them to better plan their finances. Security, according to a release to the press, is another key area of focus, and consumers using the app will be prompted to complete five simple steps to protect their accounts. GoPay’s services will also continue to be accessible via the Gojek and Tokopedia apps.

Don't miss: GoTo GoJek Tokopedia's CEO steps down, replacement named

The official launch follows an extensive pilot program, through which the GoPay app was introduced in various cities throughout Indonesia starting from April 2023.

Hans Patuwo, president of Financial Technology, GoTo said that the launch of the GoPay app is an extremely important milestone as it will allow the team to reach a much wider range of people in Indonesia, including those who are not Gojek and Tokopedia users, and provide them with secure and reliable financial services. “With Indonesia having over 97 million unbanked adults2, the GoPay app represents a significant opportunity for us to bring financial services to more people in the country, and enable Indonesians to manage their finances with greater ease,” he added.

“By launching the GoPay app, we aim to eliminate the barriers to accessing financial services. To do this, we have paid special attention to every aspect of the app, including making it light in size so that those for whom phone capacity is a limited resource will be able to download it, and ensuring the app’s design is simple and user-friendly. This is just the start, and we will continue to grow the capabilities of the GoPay app and the features within it to ensure we can meet the financial needs of Indonesians from all walks of life,” Patuwo explained.

GoTo Gojek Tokopedia, the digital ecosystem in Indonesia, has further accelerated its profitability timelines. The company expects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to become positive within the fourth quarter of 2023.

The group contribution margin was set to be positive in the first quarter of 2023, accelerated in part by four quarters compared to previous guidance. The new profitability timeline, which will bring the company very close to positive operating cash flow, came as a result of GoTo’s strategic plan based on revenue optimization, cost management and ecosystem product growth.

Related articles:
GoTo GoJek Tokopedia's CEO steps down, replacement named
GoTo inches closer to profitability following mass layoffs
GoTo announces fresh round of layoffs across board