FOSTER CITY, Calif.—Visa plans to invest in a Southeast Asian payments platform called Gojek, the company reported.
Gojek, which is a mobile payment on-demand platform, sourced the support from Visa through a Series F fundraising round, reported FXcompared.
“The aim of the partnership is twofold. First, the pair will work together to help those who do not currently have access to banking services in Southeast Asian countries such as Thailand as well as Indonesia and others,” stated FXcompared
The companies will also work to enhance the online money transfer product offering of Gojek, and attempt to transform it into a service that is useful and well-liked by the many residents of Southeast Asia’s large cities, FXcompared explained.
“Indonesia, in particular, is perceived to have a problem when it comes to an unbanked population.
Seeking to Drive Shift
Over half of all transactions in the country, which has a population of almost 270 million people, are believed to be centered around the use of cash,” FXcompared said. “Investigations have shown that a shift towards a digitalized payments system would have a significant effect on the country’s gross domestic product (GDP) and that there could be a rise in that metric of up to 14%.”
According to Visa, the partnership is an opportunity to “make everyday life more convenient” for the users of the platform.
“We are excited about this partnership because Visa and Gojek share common objectives”, said Visa’s Regional President for the Asia Pacific region, Chris Clark.