Paypal Becomes The First Foreign Company In China With Full Ownership Of The Payment Business


The rapid growth of the company triggered a chain of acquisitions and partnerships. In 2016, Gojek announced the acquisition of two Indian engineering startups, C42 Engineering and CodeIgnition, and established a development center in Bangalore, India. They also acquired Leftshift, an Indian mobile app developer, and Pianta, an Indian home health care company. More and more drivers are saving the money they receive from their customers’ digital payment to their GO-PAY accounts instead of withdrawing the money they earn at the end of their working day. A handful of them are now saving some money from day-to-day work on their GO-PAY accounts and are instead using the service to buy groceries or pay their bills.

GoPay is licensed for digital and mobile transactions and works similarly to PayPal. The payment market in China is currently dominated by payment giants such as Alipay, which is owned by Alibaba subsidiary Ant Group, and WeChat Pay, which is owned by Tencent Holdings. In December 2019, due to stagnating growth, Gojek announced a plan to discontinue most of its lifestyle services under its Golife brand. The GoLaundry and GoDaily services were discontinued on December 31, 2019, while the GoFix, GoGlam and Service Marketplace services were discontinued in mid-January 2020.

Although it is still minor, the change is a change, no matter how small. Less than 10 years later, GOJEK accounts for about 30 percent of total e-money transactions in Indonesia through its GO-PAY digital wallet arm. It has cooperated with more than 300,000 micro, small and medium enterprises across the country.

GoPay is the second company licensed by the Syrian Central Bank for electronic payment services. GO-PAY has challenged the status quo since its launch just 4 years ago and threatens to dethrone cash as the most popular payment method in Indonesia. And by partnering with hundreds of thousands of MSMEs and millions of drivers, GOJEK gives those who did not have access to banking services the opportunity to join the formal financial system.

Once the payment is completed, you will be redirected back to the Odoo website. The Odoo administrator can view the transaction details of each order in the Odoo backend and also in his GoPay merchant portal. The company is characterized by the use of the most modern technologies, systems and international standards, as it is qualified and well trained to provide financial and banking services optimally electronically. Even without GOJEK slot via gopay pushing GO-PAY for drivers, many have already started using the service beyond receiving and paying for services in the GOJEK app. Currently, the GO-PAY the GO-BILLS feature allows users to pay various bills, including electricity, social security, cable TV and Internet, water and gas, among others. Shakti says that GOJEK has not yet fully disclosed GO-PAY to its driver partners, as the company has done for the users of the service.

A survey revealed that Gojek is the most popular transportation app in Indonesia. The company is worth about $ 5 billion (as of February 2018), which exceeds the total market capitalization of all transport companies on the Indonesian Stock Exchange. Gojek’s path to becoming a unicorn startup began in late 2014, when it received its first round of funding from NSI Ventures, the venture capital fund of the Northstar Group. Due to the rapid growth in early 2015, Gojek attracted additional investments from Sequoia India and the Northstar Private Equity Fund.

At that time, Gojek still retained GoClean and GoMassage, from which 90% of the orders for lifestyle services originate. Due to the impact of the Covid-19 pandemic on the business, Gojek discontinued all remaining lifestyle services, namely GoClean and GoMassage, on July 27, 2020. In July 2021, AirAsia announced that the company will acquire Gojek’s business in Thailand through an all-share agreement. After the acquisition, Gojek will hold a 4.76% stake in AirAsia’s Superapp business. After completing a financing round in August 2016 that raised up to $ 550 million, two of Indonesia’s largest companies, Astra International, and Blibli.com , invested in Gojek. International investors include technology giants such as the US company Google and China’s Tencent, as well as the global investment company Temasek.

With a focus on empowering unbanked and unbanked people, GoPay has quickly become one of the leading payment platforms in Indonesia, which is considered safe, inclusive and comprehensive by millions of people. GoTap supports payment options from major debit and credit cards, including Visa and MasterCard. Based in the Middle East, it also supports regional payment options such as KNET, among others.