Swiggy is the biggest food delivery app in India right now It is at an evaluated valuation of $4 billion. Let’s discuss a few interesting facts of the mobile wallet launched- Swiggy Money.

Following are the interesting facts of the Swiggy Money which you need to know before hiring eWallet app development company to develop eWallet app

Hire eWallet app development company to develop Swiggy money clone app

⇒ Swiggy Money will be used only for refunds

For now, Swiggy will be using its mobile wallet to refund money back to the users. So, if any Swiggy customer cancels an order, then the money will be transferred in the mobile wallet of the customer instead of any of the bank or any other wallet from where the payment has been done.

Swiggy’s wallet: Swiggy Money or the wallet of the Meituan-backed firm is powered by ICICI Bank to manage all backend transactions. It is is a fully RBI compliant Prepaid Payment Instrument (PPI).

⇒ Swiggy Money is limited to Rs 10,000 limit

Swiggy Money has been propelled just a day after RBI declared a new form of PPIs or Prepaid Payment Instrument, which will promote transactions up to a limit of Rs 10,000.

Once completely active, Swiggy’s wallet will enable transactions up to Rs 10,000, and empower users to load only Rs 10,000 with least KYC. On the other hand, if the user finishes the detailed KYC process, then up to Rs 100,000 can be stored at a particular time.

Future plans for mobile wallet Swiggy Money

The wallet, for now, is accessible on food orders but will soon be opened up for Swiggy Pop, Swiggy Stores and Swiggy Go. The current Swiggy Money only supports the refunded money credited in the wallet but very soon, full-fledged fintech operations will be offered.

Once the wallet becomes completely functional, Swiggy users will be able to utilise the wallet to order food and make immediate payments.

Slowly, Swiggy Money will allow users to make payments for Swiggy Pop, Swiggy Stores and Swiggy Go as well.  

Swiggy Money will also allow making peer-to-peer activities via UPI platform, for facilitating more fintech projects.

Swiggy gets about 5 crore orders every month, and have launched 4 new services this year: Super, Swiggy Stores, Swiggy Daily and Swiggy Go.

Develop mobile app with built-in eWallet 

We assessed hundreds of mobile payment apps, paying special attention to the features that we feel are more important to the users. We found that most users are in need of a payment app that enables them to transfer funds to and from family and friends as well as in-app payments.  We have considered the ability of an app to make in-app purchases in just one tap.  

People are turning towards mobile payments instead of credit and debit cards. The apps are making it easy for users to make purchases in-store and online.  They also enable users to obtain cash, either from banks or on cash-back purchases in-store. With the rising importance of a cashless economy, the capacity to transfer funds on a person-to-person basis is growing frequently. 

Taking these criteria  into consideration, we have developed fully functional white-label solutions for the P2P apps and other mobile wallets for your apps. 

If you are a payment provider, you must choose our white-label mobile wallet platform that best supports your special needs and strategic goals.  The technology and commercial changes have rushed through the mobile wallet space. The global market is experiencing growth in the mobile wallets and at such times, kickstarting using the customized e-wallet white label solutions.

The mobile wallet space is entering its next major phase in the coming future. The apps like Apple Pay and Samsung Pay, etc. are dominating the wallet space. The market is experiencing a great shift towards a highly fragmented state of allowing payments across many platforms and services simultaneously.

In such a situation, the need for white-label platforms is more prominent than ever, as issuers and other payment providers attempt to improve their mobile wallet abilities as efficiently as possible. Despite the years of hype, mobile wallets are only now starting to get a foothold.

The banks are considering the mobile wallet platform requirements and the strategic associations of this longer-term.

We understand that our clients do not just provide P2P solutions to their users but they provide experience. Our e-wallet white label solutions are designed as a complete package to make life easier for your customers and add value to their lives. Apart from just payment transfers, the customers can make purchases from the merchants by just scanning a QR code available. The cashless payments are enabled at every PoS system. 

How much does it cost to develop eWallet app?

To enable quick and smart financing for your users, mobile wallets and P2P apps are the best possible alternative. You can choose to serve and connect the unbanked users in various locations and enable cashless payments. Our enterprise-grade white label solutions help to set up income streams by adjusting financial providers, merchants and end-users into a synergetic ecosystem. 

Our e-wallets are deployable in just a few days time and they are not just any other e-wallet but an integrated framework presenting a complete solution for both technical assistance and business development. We promise exclusive, safe and secure digital money transfer platform. 

Our team consists of fintech and software development experts and researchers who have in-depth banking knowledge. We are known for providing end-to-end support, be it technical, business development, discussions, setting up business models and much more.

So, if you are interested to develop a mobile wallet or a P2P app, considering the white label solutions can prove cost-efficient and beneficial for you in the long run. 

eWallet app development at Coruscate starts from $10k!

Connect with us to get more information regarding pricing and deployment. You can even ask for a free demo!

The post Swiggy has launched Swiggy Money – facts about the Swiggy Money Wallet to know to develop eWallet app appeared first on Coruscate Solutions.

So as we move ahead, we are starting to see the signs for the next decade, fintech will display new style. It is going to be portable and ubiquitous as it moves to the background and centralizes into one place where our money is managed for us.

Fintech has since become a household name in the year 2019. It has gained a transformation that came with immense growth in investment: from $2 billion in 2010 to over $50 billion in venture capital in 2018 and on-pace for $30 billion+ this year.

There have been predictions made along the way about the banks that will go out of business and big techs will get into consumer finance. Small service providers will unbundle all of customer finance. Banks and big fintechs will bolt up startups and strengthen the sector. Startups can grow into their own banks. 

In 2019, here is what happened: the fintech is heavily verticalized, recreating the offline branches of financial services by bringing them online and injecting capabilities. However, the next decade seems different. The early signs emerging from ignored spaces which imply that financial services in the next decade will be:

1. Portable and interoperable
2. More universal and available
3. Move to the background
4. Incorporate into a few places and steer on ‘autopilot

Let’s discuss a few defining moments in the fintech sector in the year 2019

You should read this before going for FinTech app development or eWallet app development in 2020.

The Fintech industry experiences moments which assist as directions for future entrepreneurs and investors regarding profit from the experience of the past. The recent The Finovate Europe 2019 trade show, held in London, it presented a stage for 64 global fintech companies to showcase their new products, tools, and ideas in a seven-minute live demo to the 1,000+ attendees, to attract bank clients and investors. 

In this blog, we are sharing the trends and highlighted some Financial Insights profiles of the upcoming stars and emerging technologies.

⇒ London will still remain an important global fintech hub

The summit had a bold statement by David Birch, Global Ambassador at Consult Hyperion. He declared that London will continue to be the world’s first core for financial-related technology start-ups.

There is no other entre in the world that combines capital, skills, and technology while providing such a forward-looking regulatory environment. Anna Wallace, the UK Financial Conduct Authority (FCA) described how the FCA can support developing technologies, such as blockchain, to comply with any applicable regulations via sandboxes where new tools and models can be tested in a safe environment. 

The global innovation sandbox is built for companies seeking permission to test their products in a controlled environment and contains regulators from 29 jurisdictions. The systematic approach towards financial regulation in the UK and the EU will set a global trend in banking regulation that can help to increase the transparency, flexibility, and accessibility of financial services.

⇒ Partnering in ecosystems and platforms helps to expand portfolios and drive down costs

People have been buzzing around customer experience. But at the same time, there is a realization that many of today’s business-to-customer providers of devices for financial advice, budgeting help, multi-banking, and others may not be able to charge more for these type of personal finance management offerings in the future. 

Many banks have started to offer these services to their customers free of charge, often in assistance with a fintech, as a way of retaining customers. Those with the best customer experience and most enhanced data will be the ones to retain existing business and win new customers.

⇒ It is more accessible to offer technology solutions to banks than to build a scaled-up rival offering

In Europe, the year, there were only 6 out of 64 fintechs providing direct services to consumers. This proves that original hype about fintech start-up firms uprooting banks has disappeared, as they now understand it takes scale, and an experience to surmount regulatory and other barriers to entry, to replace a conventional bank.

Collaboration instead of competition is usually the name of the sport these days. After all, it is more comfortable to offer technology solutions to banks than to build a scaled-up rival offering.

⇒ Open Banking Drives Fintech in 2019

A huge number of fintech associates surveyed AI and open banking APIs as important innovation enablers. There is a lot of attention was provided to conversational interfaces like chatbots and digital voice assistants. The voice system is transforming into a significant digital interface for interaction between customers, e-commerce providers, and fintech services providers. This generates an opportunity for “bigtech” merchants like Amazon, Google, Apple to become a chief banking touchpoint and an approach point to the open ecosystem.

⇒ Shifting Core Banking to the Cloud

Five Degrees is an award-winning fintech company established in 2010. It extends FIs a modular digital core banking stage expanded in the cloud or so-called “bank as a service.” It is an open banking marketplace of third-party products connecting banks and fintechs in a service-orientated ecosystem. This enables banks to afford and present the latest innovations to their customers more swiftly and smoothly by “plugging them in.”

Turning points and achievements for the fintech companies in 2019

The development of quantum computing, fintech regulation, diversification of cryptocurrency and investment in digital change-  there have been different predictions in fintech sector that came true in 2019. Let’s have a look at some of them.

• Expansion of decentralized payment apps
• Diversification of cryptocurrency
• Algorithms to check consumers for non-traditional lenders
• NFC payment chips
• RegTech to assist banks and lenders comply with the regulation
• Digital-only banks persist
• Large investments in digital transformation

In 2019, the global spend on digital transformation, to increase productivity and security, is foreseen to reach US$1.18 trillion by the end of the year. This is a huge rise of 17.9 % as compared to 2017. 

As foretold, the most booming sector investment in the financial sector, which is prophesied to have a combined annual growth rate of 20.4% between 2017 and 2022.

Today, we are observing that the world is getting more and more digital, people access their financial services through one universal hub. When the open data and protocols become the standard, we need to check out which business models will help the companies to earn profits in the coming year.  Though we cannot make any generalized predictions for fintech companies in 2020, each company must have their own selling point and innovations to make a mark in the new year. 

Come what may, the e-wallets will still continue to win the hearts of customers and the businessmen looking for a venture can get down into this business with our amazing white label solutions for mobile wallets. 

Stay tuned to read the fintech trends in 2020 and to know which company touches the heights in the fintech market.

Connect with us to know more about the e-wallet and fintech app development solutions.

The post FinTech app development: 2019’s hottest trends in banking and FinTech industry and some turning points! appeared first on Coruscate Solutions.

Luckily, entrepreneurs have found many new ways to disrupt the overly intensified market and top the chart. One such way is integrating groundbreaking features in the mobile apps to attract more users and beat apps which are lacking features. 

In today’s time, app features play a significant role to build the initial user base and witness the long-lasting success. Futuristic and unique app features provide convenience to users which eventually makes users change their preferred apps. 

In this blog, we are going to discuss the eWallet app features. Since the market of the eWallet apps is also overly intensified, you must have to spend some time to decide the feature set before going to the technical part of the eWallet app development. 

For making learning easy, we will list down user app features as well as admin app features. Generally, many entrepreneurs and eWallet app development companies give a cold shoulder to admin app features. But a few entrepreneurs and we as the top eWallet app development company understand the importance of feature-packed admin panel to monitor the user journey and sales-life cycle. 

eWallet app feature set 

Before we move further, it is worth mentioning that the feature set depends on the market. Meaning, you need to run an aggressive market research campaign to learn about users, competitors and app features. But it is costly and time consuming for a small scale startup. However, you can seek help from our business experts who will do market research on behalf of you and prepare a comprehensive business plan. 

Following are the top eWallet app features you have to consider before going for eWallet app development

Feature #1: User Registration and authentication 

This is perhaps the most common and fundamental feature you should have in your app. Without it, every other app module is useless. 

Mobile app features: 

• Allow users to register himself by providing some basic information like name, and email id. (Don’t ask users to add personal details like birthday, age as it increases the complexity and may annoy some users. For such personal details, give them a separate window.) 
• Allow users to add personal information under the profile section. Users should also be able to update those details whenever they want. For offering custom user experience, these personal details are very important. 
• If needed, ask users to add identification proof. For that, add a feature which enables users to scan the document and upload it. 

Admin panel features  

• Whenever a new user signs up, his activity should reflect on the admin panel.  
• Admin can update/delete/add a user account from the backend, manually. 
• Admin should not have a way to see the sensitive information of the users for the sake of data privacy. 

Feature #2: Services and service configuration 

An eWallet app offers many payment services like money transfer, mobile recharge, bus/train/flight/movie ticket booking etc. Since offering these services to users and earning a commission when a user utilizes any service is the underlying purpose of the eWallet app, you should pay extra heed to this feature.  

User app feature 

• After signing up, land users on the next screen which contains the list of all services with logos and a small description. If you are offering users some benefits for using a particular service, you should show that offer on that service icon. 

Admin panel features 

• Admin should be able to add services in the eWallet, in different categories. 
• Admin should have an easy way to add service provider, transaction limit and request frequency to avoid a system crash.

Feature #3: Commission and service charge configuration  

This feature has nothing to do with users in a direct way. But this feature is vitally important for admin as it allows admin to set the service charges and commission. Which means, the business model of the eWallet business largely depends on this feature.   

Admin panel features 

• Admin can configure service charge and commission of services, individually or in bulk. 
• Admin can anytime turn on or off the services, individually or in bulk. 

Feature #4: Promotion and Cashback configuration 

To attract more users, all eWallet apps offer great promotion and cashback to users. For many times, promotion and cashback are the only reason why users are using one app. So, looking at its gravity, your app should have this feature too. 

User app features  

• Users should be able to see all deals and cashback offers on that particular service.
• Users should be able to know buying value after applying a promotion offer. 
• All conditions on offers should be well-documented and clearly visible. 

Admin panel features  

• Admin can easily configure offers on services and products. (Promotions can be flat or percentile value of total order, Promotions can also be different for validated and non-validated users.) 
• While configuring promotion, admin can also put a limit on maximum cashback. 

Feature #5: Reports and Analytics 

This feature is very purposeful for both admin and users to know the history of activities including spending. Using this feature, admin can know the usage pattern of users and plan out data-driven business strategy. 

User app feature

• From the profile module of the app, users can get monthly statements and view the order history. 

Admin panel features 

• Admin should have transaction reports by category, type and time.
• The system should provide reports by services, promotions and cashback.

Feature #6: Security 

Security is the major concern of eWallet app users. So, to win their trust and convert them in regular users, you should offer them some security features which provide military-grade security to eWallet app and users’ sensitive information. 

User app features: 

• Users can set the pin or use biometric capabilities of mobile to unlock the digital wallet app.
• Apart from on mobile, a user should receive important notifications on his linked email id.  

Admin panel features: 

• Admin can configure transaction limit for validated and non-validated users.
• Admin can restrict fund transfers to avoid money laundering.
• Admin can disable APIs to avoid fake transactions.
• Admin can disable services, users and transactions to avoid a data breach.

Feature #7: Load and transfer money 

This is another basic and much-needed feature of the eWallets. Using this feature, users can link their bank accounts, transfer money between eWallet app, banks & other users and pay for the services. 

User app features: 

• User should be able to load money via net banking, cards and other digital wallets.
• User should be able to transfer money to another user on the same platform.
• User should be able to withdraw money to a bank account.

Admin panel feature: 

• Admin can put a limit on withdrawal, transfer and credit amount for users.

How much does it cost to develop the eWallet app? 

Coruscate is the top FinTech app development company which has earned expertise in p2p lending app development and eWallet app development. Our highly skilled developers and designers work with global clients and deliver pioneering mobile apps which can solve deep-rooted problems and make app owners successful entrepreneurs. If you hire our FinTech developers, they will do justice with your choice in the best possible way and help you to conquer the market with the best ever eWallet app. 

With our rapid app development technology, we can develop and deliver an eWallet app within 45-55 business days. Also, eWallet app development at Coruscate starts from just $10k. 

To know more about the app features, market potential, and government regulations, please feel free to contact us. One of our well-schooled and experienced team members will give you the free app demo and free consultation.  

The post Planning to go for eWallet app development? Read this blog first to know must-have app features and cost to develop an eWallet app. appeared first on Coruscate Solutions.

The company announced using the capital to grow its team and move into new geographic areas, as told by CEO Ham Serunjogi. They are looking to expand the company in the Southern part of Africa in the coming year 2020. The company had an eventful year as they were busy with Africa’s fintech scene. 

After its inception, the company Chipper Cash has raised $2.4 million in May 2019. The company was co-founded by American football icon Joe Montana. In the month of September, Chipper Cash grew into what is now said to be Africa’s largest fintech market, Nigeria. With its newest round, the startup has generated more than $8 million in seed capital. Members in the $6 million financings involve previous investors, and a few extra backers, such as Boston-based Raptor Group.

The co-founder of Deciens Capital, Dan Kimerling declared the fund’s lead on the most recent round and that he will maintain his role on Chipper Cash’s board.

The fintech company, co-founded by Ghanaian Maijid Moujaled has more than 600,000 current users and has processed more than 3 million deals on its no-fee, P2P, cross-border mobile-money payments product, as Serunjogi stated to TechCrunch.

Chipper Checkout: a merchant-focused, fee-based C2B mobile payment product which raises revenue to support Chipper Cash’s free mobile-money business is also a part operated by the startup. 

The startup’s intended move to Southern Africa that is said to be the home to the continent’s second-largest and most high-level economy of South Africa. This step will place Chipper Cash in all three corners of Africa’s triangle of heading digital finance markets.

There are several payments startups all over Africa looking to bring the continent’s vast unbanked communities onto mobile finance applications. Some apps like M-Pesa in Kenya, have achieved in reaching tens of millions. But, one aspect of thriving African fintech apps is that their use has been geographically divided, with few apps able to scale widely beyond borders.

Chipper Cash promotes its capacity to grow its P2P product in several countries in 2019, including Nigeria. Serunjogi emphasised the necessity to move to the West African nation earlier this year. Nigeria is the greatest economy and has the largest number of population. Its fintech industry is one of the most superior in Africa and the most is up there with Kenya and South Africa.

According to Partech stats, a number of players were on the identical wavelength that as Nigerian fintech gained $360 million in VC in November the equivalent of about one-third of all the startup money raised in Africa in 2018. Part of this venture penetration was guided to likely Chipper Cash competitors.

In two separate rounds, Chinese investors put $220 million into OPay and PalmPay. With these two fledgeling payment startups, they have plans to ascend in Nigeria and the wider continent. That money belittles rounds raised by other P2P-focused fintech firms, such as Chipper Cash.

Serunjogi points to Chipper Cash’s gratis-payment structure while talking about the strategy of startup to face these new opponents with big coffers. He stated money doesn’t buy product-market fit. It doesn’t buy the latest victory in this space.

The company offers products for free since they are not in a pricing war or competing on a dollar-to-dollar basis. The company is focused on pure utility war on who can provide the most value to our users. The company is planning a long-term value proposition will speak for itself over time. We will keep a tab on Chipper Cash’s progress in the new year and know the race to scale digital payments across Africa’s 1.2 billion people.

Want to develop eWallet app like Chipper Cash? Contact us.

(eWallet app development at Coruscate starts from just $10k!)

As the next phase of Mobile money is starting in Africa, startups have an opportunity to provide solutions to the unbanked audience and make it big by expanding across the borders. Our e-wallet white label solutions make it easier for you to hit the road and conquer the market. 

We provide end to end e-wallet solutions and help you with setting up your business right from the start. We become your technology partners and help you at each step to get going. 

With our white label solutions, you can provide your customers with a future backed by e-wallets and allow them to transfer money to family and friends either locally or internationally in a hassle-free way. You can even allow them to go for cashless purchases in a safe and secure environment. You can provide your users with a new experience in finance and shopping and give them an access to payment and loyalty tools under one single app. 

With our mobile wallet white label solutions, you can not just conquer the African continent but the globe as a whole. 

If you are interested to know more about the white label solutions, you can connect with us and discuss your requirements. We promise to deliver efficient P2P wallets that can help you earn huge profits by overcoming the competition. 

The post eWallet app development: A Fintech Startup Chipper Cash raises $6M for Southern Africa expansion appeared first on Coruscate Solutions.

The time has witnessed major dive of the companies into the Latin American market. Competition is still less when compared to developed countries, and the curve of consumption, especially in e-commerce, is higher. But obtaining entrance to this market with exceptional potential requires a step back: having local payment methods that reach global consumers in Latin America. 

The size of the market

Latin America has more than 650 million customers. Most of the customers prefer an online purchase. A recent investigation suggested that e-commerce is expected to grow 21% this year in the region, much higher than the global average of 4.5%. Along with the local stores, global companies are also taking advantage of the momentum. The largest digital companies like Spotify, Netflix, Airbnb, and Uber have seen large growth in Latin America, which has become one of the main markets for these companies. The products and services of these companies are widely adopted by millions of customers. 

However, Latin American people have their own way of getting things done. They are facing various challenges in their home countries: logistics, access to health and education, inequality, and, of course, access to banking services. More than half of the population in the region is unbanked. Offering access to local payment methods is the solution to traverse this market with extraordinary opportunities.

Creativity drives new payment methods

Many companies from China, the US and Europe are aware of the most used payment method in Mexico- Oxxo. It is an individual, typically Latin American solution: Oxxo is a successful chain of convenience stores that created its cash voucher, extensively used by Mexicans to pay for their service bills, e-commerce transactions and it can even be used for shopping in physical stores.

Boleto Bancario is another popular payment method in Brazil. It is used in more than 30% of the e-commerce transactions. The Brazilians use it to pay for their utility bills, tuition fees, and of course, online purchases.

Boletos are nothing but the vouchers with a barcode used for payment. These barcodes can be printed or obtained through a computer, smartphone, and are processed in banks, post offices, supermarkets, among other locations. Customers are allowed to pay them in different ways, including with cash and through internet banking or bank apps.

With the advance of fintechs and broader access to financial services, there has been a rise in the use of apps and credit cards. 

A recent study directed by the Central Bank of Brazil illustrates that, in terms of money, old habits die hard: 29% of the adult population still gets their wages in cash. Cash was named as the chosen payment method by 60% of respondents — and this was in 2018!

The global innovations such as e-wallet and mobile payment apps have their own specializations in Latin America. Though they are not as widespread as in developed countries, the use of e-wallets is expected to increase with each passing day with the improvement in fintech.

It is your time now

As we can see, global businesses want to reach the majority of Latin America’s market. They are finding ways through the improvement of internet connection in the region, or the distribution of the state-of-the-art smartphone for mobile shopping. Businesses have already made these things a reality. Getting to the pockets of Latin American consumers in the right way is what matters. It is possible only through the right payment methods.

Let’s talk about three categories of e-wallet.

3 Major E-Wallet Types

⇒ Contactless Mobile Wallet: An actual digital copy of a customer’s wallet. It tokenizes and stores credit cards in digital format for use on a mobile device or wearable in contactless payments at physical merchants like Samsung Pay. 

⇒ Digital E-Commerce Wallet: A card-on-file online tool that tokenizes and saves a customer’s payment card information, for using in e-commerce during Visa Checkout and MasterPass.

⇒ Stored Value Wallet: A digital account obtained through a mobile phone that stores electronic funds, meant to be used instead of a bank account. These come within two sub-categories: those intended for feature phones and smartphone apps. 

Tips to develop eWallet app in Latin America and to conquer the Latin America market :

E-wallets in Latin America are still developing and in an exploratory phase. The country is entering into a demographic and technological phase, however, which encourages the selection of e-wallets. But for this to happen on a massive scale, e-wallets should:

1.  Not compete with cash. Allow payments for which cash has a distinct deprivation, which means, digital goods, bill payments.
2. Build the e-wallets for young, urban, underbanked smartphone users. Authorize non-credit card payment methods.
3. Offer the right stimuli, such as credit, significant time savings, or access to new types of goods.

With the volume of investment being drained into e-wallets in the region, e-wallets will overtake on sooner or later in Latin America. Looking at this rapid growth of usage of smartphones, wide-scale adoption could be expected. 

Takeover the Latin American market with our e-wallet white label solutions. To know more, connect with us and ask for a free demo. 

The post The solution to Latin American payments: Get local to reach global appeared first on Coruscate Solutions.

GoJek was launched in 2010 with just 10 driver-partners and zero appearance in financial services. In not more than 10 years, Gojek launched its digital wallet GO-PAY. It accounts for around 30 % of the total electronic money transactions in Indonesia.

In such a small period of time, the company has partnered with more than 300,000 micro, small and medium enterprises across the country. This is an extraordinary achievement, analyzing Indonesia is a cash-heavy nation. In Indonesia, cash is king and no other technology has ever been able to compete for the throne. This was the scene until GO-PAY entered the scene.

GO-PAY has been confronting the status quo since it was founded. It is advancing to oust cash as the most preferred form of payment in Indonesia.  GOJEK is empowering the earlier unbanked with an opportunity to enter the formal monetary system by partnering with hundreds of thousands of MSMEs and millions of drivers.

So, in what way is Go-Pay bringing a change in the society that majorly uses cash? 

Know the business strategy of Go-Pay before acquiring P2P lending white label solution

Should you go digital or not?

The most important reason people like cash very much is because of its tangibility. They can actually see, touch and smell cash. All these physical ways make people believe in a comfort level comprehending that the money they saved up over the years is in the drawer beside their bed. Till the time it is actually not there. 

When you deal with cash, it gets difficult for you to to keep track of your spendings and income. Although you can write it down every time you spend and receive money.  But there are chances of losing your cash in some or the other way and disrupting the record of your cash flow. 

GO-PAY provides every user with transaction history so that they can easily keep track of their spending. The users can easily view their spendings and stop the drainage of the most. The data allows individuals to manage money in a better way. 

Old habits don’t go away soon

Changing one’s habits is very difficult. So, GOJEK is changing its customers’ habits by providing them incentives to use GO-PAY. Financial stimuli such as cashback and discounts were then included to promote the choice of digital money. The customers were allowed great discounts for paying their rides with GO-PAY. 

Moreover, Gojek has partnered with the most popular bubble tea joints to provide cashback and exclusive promos for GO-PAY users.  This system demonstrated to be such a success that the queue at the bubble tea joint grew even longer than ever previously.

Alike partnerships were then brought up with convenience stores and drug stores and also with MSMEs. 

With all of this happening, more customers opted to use GO-PAY and the driver-partners of Gojek were motivated to open the digital account to accept payment.

The financial advantage is sufficient for GOJEK’s users and service providers to begin using GO-PAY. But once the financial advantage is no longer available, will customers keep using GO-PAY or not is the question. 

Not everyone is aware of the GO-PAY functioning

Although the financially savvy agree that GO-PAY’s advantages are past financial value, those who don’t know about the technology might find it less convincing.

Many of the driver-partners are not aware of financial services and management. Such people might not consider that GO-PAY adds any special value to their financial transactions. 

The people who were unable to top up their accounts needed someone else to do it for them. So, Gojek enabled GO-PAY top-ups in convenience stores to make the task easier for such customers. With the measures taken to spread awareness for GO-PAY, a behavioral change is already visible among the drivers.

More and more drivers are now observed holding the money they receive from their customers’ digital payment in their GO-PAY wallets instead of withdrawing money at the end of their day’s work. 

A few of them are now collecting some money from a day’s work in their GO-PAY accounts. They are also making transactions using the GO-PAY wallet to buy groceries or pay their bills.

Inevitably, many drivers have begun to appreciate the non-monetary advantages of going digital. And, most importantly, they are now involved in the regular financial system. Financial inclusion has been established over time to promote the well-being of the poor and earlier unbanked. 

The numbers can be multiplied by  2 million GOJEK driver-partners and more than 300,000 MSME merchants in order to say that GO-PAY has easily become the solution for Indonesia to enhance financial inclusion.

Financial inclusion

GOJEK has huge plans for GO-PAY’s future. Right now, they are majorly focused on tertiary payments. GOJEK is planning to facilitate more primary payments within its services.

Even without GOJEK’s push for GO-PAY, the drivers have already begun using the services beyond receiving and paying for services in the GOJEK app. Using the Go-BILLS feature, GO-PAY users can pay several bills from electricity, social security, cable TV and internet, water and gas, along with many other things.

GO-PAY has not just impacted the payments but much more. We can say that GOJEK has started enabling digital financial inclusion in Indonesia. We can say that it is just the beginning. 

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