This article comes fromWeChat public account: Momentum Ventures (ID: MomentumWorks), author: Yusuf, title figure from the visual China
Last month, Tokopedia(SoftBank invested this) quietly became the major shareholder of OVO. People are worried and expect the future trend of the Indonesian e-wallet ecosystem At that time, Grab said in a statement on Tuesday that they will lead the investment in the e-wallet LinkAja supported by Indonesian state-owned enterprises and participate in a $100 million Series B financing.
This is also the first time that LinkAja has introduced external capital, which will affect the competition between Grab and Gojek, the only two unicorns in Southeast Asia, and bring new changes to the entire Indonesian payment ecosystem. The other three investors in this round of financing are all national names: mobile telecom operator Telkomsel, BRI Ventures under the People’s Bank of Indonesia, and Mandiri Capital Indonesia under Mandiri Bank.
Grab Indonesia CEO Neneng Goenadi said: “We chose to invest in LinkAja because we believe that we can work together to promote the common goal of improving Indonesia’s financial inclusion.”
The four top four e-wallets in Indonesia
Due to the huge population size and relatively good level of economic development, Indonesia has always been one of the key markets for many electronic wallets. At one time, no matter it was a bank, a telecommunications company, a retailer or a local tycoon, everyone wanted to be an electronic wallet.
Now there are 37 local electronic payment wallets in the Indonesian market. Gopay, a subsidiary of Gojek, is the first to obtain a license, and uses the services of the parent company to occupy the top spot in the Indonesian mobile payment field. After Grab merged with Uber in 2018, it began to work in Indonesia. It cooperated with the e-wallet OVO incubated by Lippo Group. In the following years, it has established a relatively complete payment ecosystem with leading C2C e-commerce players Tokopedia and other companies. After the end of the subsidy war in 2015, the transaction volume exceeded Gopay.
Although Dana from Ant Financial and the Indonesian media giant Emtek Group is leading in technology and experience, they have not been able to find a strong enough landing scene-Emtek’s e-commerce platform Bukalapak plus movie tickets are far less than OVO Ride-hailing, food delivery and C2C e-commerce are strong. News of the merger of Dana and OVO also spread from time to time in the market. It is said that they have been talking for a long time, and for a long time they have been at the stage of similar discussions-they have not yet reached the stage of going to the central bank to find a witness.
LinkAja is formed by the merger of the wallets of Telekom Indonesia, three state-owned banks(BRI, BNI, Mandiri), and Pertamina, the Indonesian national oil company. Naturally, the market is not as radical as the others. Although I see a lot of online and offline advertisements, the market acumen and the promotion rhythm are still slow.
In July of this year, it was reported that LinkAja funds may be exhausted by the end of this year, and they are seekingTo raise new funds, it also plans to find external capital to help it further promote its e-wallet application.
Of course, LinkAja of Guozihao cannot fail or fail anyway.
Grab is about to “unify the rivers and lakes”?
Grab, OVO, Tokoepedia, and Dana have the shadows of various holdings of Ali and Softbank. It may only be a matter of time before they are combined. It’s just that everyone is busy now how to further seize market share and strengthen the right to speak in the future.
In June of this year, Facebook, which has always wanted to develop mobile payments in Indonesia, invested in Gojek together with PayPal to lay the foundation for the launch of WhatsApp Pay in the future.
Of course, it is precisely because of this situation that LinkAja has become a key player in changing the pattern of the Indonesian payment industry. Once Grab has successfully invested in LinkAja and the OVO Dana merger continues. Then Grab’s payment ecosystem in Indonesia will successfully include three major players besides Gopay (OVO, Dana, LinkAja).
In addition, despite its poor performance in the market, LinkAja is backed by a number of state-owned companies such as the People’s Bank of Indonesia. This will also greatly promote Grab’s future expansion in Indonesia, where the business environment is quite complex. effect.
Especially ShopeePay under Donghai began to erode the market where everyone has burned countless money for education offline:
This article comes fromWeChat public account: Momentum Ventures (ID: MomentumWorks), author: Yusuf