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GoJek takes stake in e-wallet, ramping up rivalry with Grab

Indonesia’s GoJek has partnered with e-wallet company LinkAja to introduce a new payment option.

“GoJek’s current investment follows Grab’s investment last year. It is a win-win situation for all the companies involved,” said Aurojyoti Bose, lead analyst at GlobalData.

“Having Southeast Asia’s leading ride-hailing firms as shareholders adds to the credibility of LinkAja’s business model.”

GoJek rival Grab announced last November it was leading a US$100 million investment round in LinkAja, which also received investor commitments from Telkomsel.

“LinkAja will have access to the user base of Grab and GoJek platforms. This will also open doors for more payment opportunities in Indonesia for Grab and GoJek,” he added.

According to Bose, e-wallet payment has been thriving since the Covid-19 pandemic begun, as lockdown and social distancing forced people to shift to online shopping.

As a result, cash share is estimated to decline from 98.0 per cent last year to 96.9 per cent in 2024.

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