Money is one of the most, if not the most important thing in human life. If one wants to survive and live a comfortable life in this world, money is the answer. Without money, nothing is possible.
Technology has been introduced in this world to make our life effortless and to be honest, it’s doing the job, quite well. In a time where we live, having those big pink and green notes with us is a necessity but carrying them all time is a headache.
Imagine bringing a bundle of cash just for some mere shopping, sounds risky and uncomfortable, right? Of course, another option like a cheque is also there but somehow it seems overdone.
Thanks to technology, now we have the access to get money directly from the bank anytime and anywhere. How? Well, the answer is the thin payment card also known as plastic money. Nowadays, payment cards are the go-to option for any kind of transaction.
The dynamic nature of these cards leads to easy and safe transactions. Now, one can just shop whatever they want by just having a card that can fit in the pocket of their jeans. It is definitely better than carrying a huge stack of money, which is not that safe and bothersome in addition. Credible ways for the online transactions as well, payment cards have now become a significant form of payment system in the world.
“We’re talking about payments, customers care about shopping.”
By just having a card, credit, or debit, life becomes much more easier. Whoever has a bank account, that person is eligible to have a payment card. Although there are some rules that one needs to follow properly, to attain a credit or a debit card.
Credit Card
To be simple, with the help of a credit card, a person can purchase anything and can pay for that at a later time. Basically, it means one can just borrow money directly from the bank.
One needs to attain the age of 18 to get a credit card.
Every Credit Card has a limit, one cannot exceed that limit.
If by any chance the borrowed amount is not paid fully, then the remaining amount in the card will be charged with interest.
If a person cannot pay the full amount by the time limit, there is an option of EMI, where one can just pay a minimum amount for a time period.
Debit card/ATM Card
With the help of this card, one can withdraw money from the bank directly. It is derived from the deposited amount of the bank account.
One needs to be 18 to have a debit card. Although minors can also attain debit cards if they had their guardian open the bank on their behalf.
Every use of the card deducts the deposited amount from the savings account immediately.
Through an ATM that is open 24/7, one can withdraw cash, if they have a debit/ATM card.
The top payment card service system that rules the Indian financial service market are:
RuPay
VISA
Mastercard
RuPay
2012 was one of the prominent years for Indian financial industry. As RuPay, India’s first multinational financial service and payment service system was started by the National Payments Corporation of India(NPCI). The name RuPay is obtained from two words Rupee and Payment. It is the first Indian card payment system.
RuPay cards are specially made for Indian Citizens. As of now, 1100 banks in India issue RuPay cards. It is internationally accepted in Singapore, South Korea, UAE, Saudi Arabia, Australia, Myanmar, Maldives, Bhutan and Bahrain.
Some of the special features of RuPay Card are:
The transaction cost is lower, as it will happen internally, so no additional cost.
All the transaction data of the consumers will remain in the country.
No separate registration is required.
RuPay Debit cards provide some exciting offers, including cashbacks.
VISA
This American multinational financial services organization started its journey in the year 1958 and was launched by Bank of America. It was first known as BankAmericard but later in 1976, it was renamed Visa. It is also the largest card payment organization in the world. With its spectacular tactic, it has captured 50% of the card payment market of the world. It is also considered one of the most valuable companies in the world.
Some of its attractive features are:
It is globally accepted.
Visa is used in over 200 countries.
There are various good Credit card offers provided by VISA.
It provides better rental car insurance.
Mastercard
Mastercard is also an American multinational financial service and more than 25,000 financial institutions issues Mastercard debit and credit card. Mastercard was first introduced in 1966 and at first, it was known as Interbank. It is considered the second largest, right after Visa, card payment organization in India.
Some of the special characteristics of Mastercard are:
Mastercard is accepted almost all over the world.
With just a simple phone call, your card can be canceled.
The cost protection service of Mastercard is way better than other cards.
It is free from any kind of unauthorized charges. Basically, it provides Zero Liability Protection.
As per the order of Reserve Bank of India (RBI), Mastercard has stopped issuing any new debit or credit cards in India. RBI banned the financial service giant for not complying with the data storage rules it was asked to be followed.
With time and technological advancement, it is only fair that payment card has started replacing the big stack of notes. It is convenient and easier to use. Apart from that, it is comparatively safer as well. That small thin card holds a huge level of importance in our life now.
FAQ
Is RuPay Card Indian?
Yes, RuPay is an Indian Multinational financial services and payment service system.
What is the most Common Plastic Money?
Debit card is the most common form of plastic money.
What Are the Types of Payment Cards in India?
Debit cards, Credit cards, prepaid cards, and Electronic cards are mostly used in India for payments.
We have witnessed many digital payments for paying off our expenses via Google Pay or PhonePe. Additionally, Our Honorable Prime minister Narendra Modi has launched e-RUPI, a seamless cash payment for Covid-19 Vaccination in India on 2nd August 2021.
e-RUPI is a contactless digital payment solution that is done by a QR Code or SMS based e-Voucher to all mobile users. Over and Above, e-RUPI is an e-voucher one-time digital payment mode with three benefits- Cashless & Contactless digital payment, Ensures leak-proof delivery of various welfare services and connects the beneficiaries servers without any intermediaries involvement.
e-RUPI is introduced as a hassle-free e-voucher digital payment, where beneficiaries don’t need a card, digital app or even internet banking to redeem the voucher. Because it is done through e-RUPI where vouchers are transferred into QR Scan or SMS for an effortless method to endure the service of the voucher.
e-RUPI is a cashless and contactless digital payment mode, which is done by decoding the code of the cards which is shared via SMS or the QR code. e-RUPI is the first digital currency in India with an aim to spurn the leakages in Government. It is done via redeeming payments through e-vouchers that are in the form of QR codes or SMS.
Many Indian Citizens find it so difficult to pay spontaneously on any such expenses, For instance, if you are in a line and billing for those products and getting a physical form voucher on the product which you have bought.
Meanwhile, next time on availing the voucher services, you find dilate in processing the payment neither in swiping card nor digital payments app. Therefore, the National Payments Corporation of India along with the department of financial services, National Health Authority developed e-RUPI in order to meet the expenses through e-vouchers in the nature of the prepaid model. So, if you receive a voucher then automatically you can store it in an electronic form- QR code or SMS-based.
When it comes to who can use e-RUPI, as it is said above, the government makes these e-vouchers in order to create funds for other welfare services. So, ultimately e-RUPI is accessible for healthcare services. Furthermore, businesses or corporations can issue e-RUPI to their employees.
e-RUPI doesn’t only benefit the receivers of the token but also the corporates and hospitals. The beneficiaries of this digital payment system include all the major stakeholders relating to this scheme.
Corporates
According to the National Payments Corporation Of India (NPCI), the corporates will benefit largely from this scheme. They can look after the welfare of their employees. The corporates would benefit from cost reduction while using this digital payment as this works on end-to-end digital transactions and doesn’t require physical issuance.
The issuer being corporates can track the voucher redemption. During this global pandemic, everything has made us focus on the safety of our lives. This digital payment mode allows for quick, contactless and safe voucher distribution.
Hospitals
It is a difficult task to stand in long queues in hospitals and pay for the service as it takes time to use a card or cash. This can lead to major inconvenience during these times. So the NPCI has made the authorization of these vouchers easy and safe by doing it using a verification code.
e-RUPI also solves the problem of usage of cards or cash by making the payment collection hassle-free and contactless. The redemption process of the e-RUPI is quick as it can be redeemed in a few steps and the chance of decline rate is less as there is a pre-blocked amount.
End-Users
e-RUPI, the electronic voucher digital payment system is mainly made for the welfare and well-being of the people of the country. The official NPCI website lists the various benefits the consumer of the end-user of the e-RUPI will reap.
This payment is contactless and digital. The beneficiary shouldn’t carry a printout of the voucher. The consumer can redeem his voucher in a two-step process making it easy, quick and time-saving.
The beneficiary isn’t required to share personal details on the redemption of the vouchers making it a safe and secure form of payment as privacy isn’t compromised.
For the redemption of the vouchers, the consumer does not need a digital payment app or a bank account making it accessible to many who don’t have a bank account.
Banks are supported by e-RUPI
e-RUPI is launched by NPCI in association with the Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW) and partner banks.
Banks support e-RUPI, unlike other digital currencies making this voucher digital payment mode easy and trustworthy. The banks that support e-RUPI are Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, IndusInd Bank, Indian Bank, Kotak Bank, Punjab National Bank, State Bank of India and Union Bank of India.
Conclusion
e-RUPI is an initiative by the government in connecting people’s lives through technology. India is progressing to a transparent and digitalized country. e-RUPI as a replacement for cash is seen as a big step that is favorable and necessary in the growth of the country.
e-RUPI guarantees safety as people do not have to carry cash or be worried about losing their cards while trying to avail themselves of essential services. e-RUPI can also route the subsidies the government gives on education, agriculture and nutrition. e-RUPI if worked effectively can be helpful to the people of the country in their dire times.
FAQ
What is e-RUPI?
e-RUPI is an electronic voucher digital payment mode, where the physical form of a voucher is transferred into electronics like QR Code or SMS-based, where you can access the services without any card or internet banking to redeem it.
Who launched e-RUPI?
The National Payments Corporation of India along with the department of financial services, National Health Authority developed e-RUPI which was promulgated by Prime Minister of India Narendra Modi to the citizens on 2nd August 2021.
What are the benefits of launching e-RUPI?
The government of India launched e-RUPI because to serve the beneficiary services to welfare services such as Mother & Child health care, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana and other welfare centres, where the e-voucher become a benefit element in extending much more purpose in the society.
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While Indonesia’s digital economy is predicted to rise to $124 billion by 2025, according to a 2020 research by Google, Temasek Holdings, and Bain & Company, the country’s 18,000 islands are spread across a region larger than the European Union, making it highly costly.
As rivals bulk up in the fast-expanding market, Indonesian ride-hailing and payments provider Gojek and e-commerce leader Tokopedia are merging to form GoTo, a multi-billion dollar internet corporation. Gojek, based in Jakarta, is an Indonesian on-demand multi-service and electronic payment tech company.
As of May 2021, Indonesian ride-hailing and payments provider Gojek and e-commerce leader Tokopedia are merging to form GoTo, a multi-billion dollar internet corporation.
The merged company will be Southeast Asia’s largest privately-owned technology enterprise, spanning online shopping, courier services, ride-hailing, food delivery, and other services. By the end of 2021, it intends to go public in Indonesia and the USA. The firms claimed in a joint statement that their previous aggregate worth was $18 billion, based on fundraising in 2019 and early 2020.
The combination of Gojek and Tokopedia, both of which are backed by global heavyweight investors, comes amid increased competition in Southeast Asia’s ride-hailing and food-delivery businesses. Food delivery, e-commerce, and e-payments are all on the rise as a result of the pandemic’s forced confinement.
About Gojek and How it Works?
Gojek (also known as Aplikasi Karya Anak Bangsa) is a company that creates on-demand smartphone apps for ride-hailing and a number of other services. The company’s app offers services such as transportation and logistics, food ordering and delivery, digital payment, shopping, news, and entertainment, among others, allowing customers to access travel, logistical support, and a variety of other activities with only a few taps on their smartphones.
Gojek started out as a call center in Indonesia in 2010, connecting customers with courier delivery and two-wheeled ride-hailing businesses. GoRide, GoSend, GoShop, and GoFood were the only 4 services available when the app was first released in 2015.
Gojek, which is now valued at $10 billion, has evolved into a super app that offers over 20 different services. GO-Academy, a software development training program, is also part of the corporation.
Gojek – Name, Logo and Tagline
Because the company’s name is derived from the Indonesian word Ojek, which means “motorbike,” the online service’s first logo portrayed a man riding a motorbike.
Gojek’ s Company logo
Michaelangelo Moran, the co-founder, is also noted for designing the firm’s first distinctive logo and branding the entire company, in addition to working as the business’s Brand Director.
Gojek introduced its new company logo on July 22, 2019. Gojek’s s new brand logo, dubbed “Solv,” symbolizes the company’s evolution from a ride-hailing service to a super app that offers a number of clever methods to minimize difficulties.
The Gojek brand was introduced with the tagline ‘Cerdikiawan.’ Cerdik connotes dexterity and a positive sense of time. It reflects, according to the creators, how the company solves problems for Indonesia despite the challenges it faces.
Gojek – Mission and Vision
Gojek’ s mission statement states, “Gojek is dedicated to creating and scaling up positive socio-economic impact on the ecosystem of users, driver-partners, business and micro-small-medium enterprise partners, as well as service providers.“
Gojek – Founder and History
Founded in 2010 with 20 motorcycle riders, the company now has a fleet of over 1 million drivers and, as of May 2018, offers 18 app-based on-demand services. The Gojek app was released in January 2015, and it has approximately 30 million downloads in less than two years. Gojek has teamed up with DBS, Singapore’s largest bank.
Nadiem Makarim – Co-founder of Gojek
Nadiem Makarim, Kevin Aluwi and Michaelangelo Moran co-founded the company Gojek. Nadiem holds degrees from Brown University and Harvard Business School and is an Indonesian native. He spent three years at McKinsey and Co-consulting before founding Gojek, which began as a small phone center with just 20 ojek drivers who ultimately became recruiters.
Nadiem noticed as a frequent ojek user that ojek drivers spend the majority of their time waiting for passengers, while clients waste time walking around looking for an open ojek. Gojek was created to address this issue by creating a platform that allows drivers and riders to connect quickly and earn more money.
Gojek’ s edge in negotiating the local regulatory framework and understanding the local market stemmed from the fact that it was founded and controlled by Indonesians. As a result, they were able to include features in their app that benefit both local drivers and local consumers. In 2017, Gojek brought on board 100 additional engineering graduates from India.
Gojek – Products
Go-Pay is the fourth largest e-wallet service in Indonesia.
GoRide is Indonesia’s first online motorbike taxi service.
Go-Car is a car ride-hailing service.
Customers can use the Go-Blue Bird app to request Blue Bird cabs.
GoFood is an instant meal delivery service in Indonesia with over 250,000 merchants. Go-Food Festival is a Go-Food-branded offline food-court concept that sells food and beverages from Go-Food vendors.
Go-Mart is an app that allows you to shop for groceries at supermarkets that are listed in the Gojek app.
Go-Shop, like Go-Mart, allows users to buy items from stores that aren’t listed in Go-Mart.
Go-Transmit is an on-demand courier service that allows you to send things and documents inside a single delivery zone with no distance restrictions.
For moving heavy products utilizing pickup trucks, single-axle trucks, and single-axle box trucks, Go-Box is identical to Go-Send.
Go-Tix is a mobile app that sells entertainment tickets.
Go-Med is a mobile app that offers a medication delivery service, has teamed up with HaloDoc to develop the “Apotik Antar” functionality.
Customers can request a personal masseuse with Go-Massage.
Go-Clean is a professional house cleaning service that operates through an app.
Go-Glam is a personal hairdresser app that also offers nail care, waxing, and facial services.
Go-Auto is an app-based auto maintenance service that includes car cleaning and emergency repairs.
Go-Pulsa is a phone credit top-up service that operates through an app. Only
Go-Pay can be used to pay for Go-Pulsa.
Go-Bills is a service that allows you to pay your PLN electricity bills, buy PLN electricity tokens, and pay your BPJS insurance premiums all in one place.
Gojek’s loyalty program is called Go-Points. Each transaction earns the user a token, which they can exchange for prizes in the app.
Go-Play & Go-Studio: The company announced plans to enter the Internet content market through Go-Play, a video streaming service, and Go-Studio, a production firm. In September of this year, GoPlay will formally start its service.
Go-Pertamina is an on-demand fuel delivery service in conjunction with Pertamina, Indonesia’s largest oil company. It delivers fuel from the nearest Pertamina gas station to users.
Go-Nearby is a directory service that connects Go-Food merchants with clients of Go-Jek.
Gojek – Business Model
The Gojek business model works on:
Commissions from Companies – Several businesses join Gojek in order to benefit from its seamless operation and increased sales. Gojek, in turn, takes a modest commission on each successful order placed through the app.
The consumers’ commission – Gojek is a one-stop shop for its customers, offering a convenient answer to a wide range of issues. It avoids the hassle of having to switch between apps to meet various demands. Gojek also charges a little price on each order for this service, which users are happy to pay in exchange for Gojek’ s convenient and trustworthy services.
The Drivers’ Commission – For each order they deliver, individual drivers or delivery partners with Gojek pay a tiny commission to the platform. Given the benefits that the platform provides to drivers, a tiny commission fee seems like a good deal.
Gojek’ s adventure has been incredible. Over the last few years, the startup has experienced significant growth.
Gojek reported that the value of its annualized gross transaction value in 2020 will be USD 12 billion, up 10% from 2019. The year 2020 saw an almost threefold increase in GoPay transactions and the pay-later services.
“What is suddenly booming is our online investment feature, probably because people find it easy to access,” said Gojek’s co-CEO Andre Soelistyo.
The company’s grocery service showed a fivefold spike in annualized GTV, indicating that more people are relying on it for shopping during the pandemic. The number of merchants registered with GoFood surged by 80% to 900,000. This year, Gojek did not reveal which vertical contributed the most to its revenue.
Gojek – Partnerships
It established a partnership with Blue Bird, a large Indonesian taxi firm, in 2016. It also launched Go-Car, which expanded ride-hailing from motorcycles to vehicles, and Go-Auto, which provides on-demand mechanic services, in the same year. It was Indonesia’s first online transportation system by August 2016.
It teamed with Google Maps to handle their GPS. Entertainment, Google Play, and MNC Vision are among the other collaborations. Suzuki Finance Indonesia, AEON Credit Service, and Bill Payment PLN, the national electricity supplier, and BPJS Kesehatan, the national health insurance provider.
Gojek is teaming up with Unilever in September 2020. Gojek has partnered with Unilever through the freshly launched GoToko as part of this relationship. GoToko is a B2B digital platform that connects Indonesian MSMEs with global consumer products corporations.
Gojek – Funding and Investors
Date
Round
Amount
Lead Investors
May 10, 2021
Corporate Round
$300M
Telkomsel
Nov 17, 2020
Corporate Round
$150M
Telkomsel
Jun 3, 2020
Series F
$375M
Facebook, PayPal
Mar 10, 2020
Series F
$1.2B
Mitsubishi Corporation, Mitsubishi Motors, Mitsubishi UFJ Financial Group, Visa
Mar 4, 2019
Series F
$100M
PT. Astra International Tbk
Oct 30, 2018
Series F
$920M
Google, JD.com, Tencent
Feb 12, 2018
Series E
$1.5B
Tencent
Aug 4, 2017
Series E
–
–
Aug 4, 2016
Series D
$550M
Kohlberg Kravis Roberts, Warburg Pincus
Apr 1, 2016
Series C
$170M
–
Gojek – Investments
Date
Organization Name
Round
Amount
May 12, 2021
MPPA
Post-IPO Secondary
IDR144.9B
Mar 9, 2021
LinkAja
Series B
–
Dec 18, 2020
Jago
Post IPO-Equity
$160M
Feb 17, 2020
Blue Bird Group
Corporate Round
$30M
Jan 29, 2020
ZULU
Corporate Round
–
Jul 1, 2019
rebel Foods
Series D
$125M
May 7, 2019
Safeboda
Series B
–
Feb 3, 2019
JD.ID
Venture Round
–
Oct 31, 2018
escapex
Funding Round
–
Aug 10, 2018
PasarPolis
Series A
–
Gojek – Acquisitions
Acquiree Name
About Acquiree
Date
Amount
WePay
WePay is an online payments services provider.
Sep 14, 2020
–
Moka
Moka is an Indonesian fintech startup that focuses on building mobile point-of-sale (mPOS) for small and medium businesses.
Apr 20, 2020
$130M
AirCTO
AirCTO is an AI-powered recruitment platform that helps companies recruit top developers.
Jun 12, 2019
–
Coins.ph
Coins.ph delivers financial services over mobile to people who are currently unserved by traditional banks.
Jan 18, 2019
$72M
Promogo
Promogo is a platform that enables brands to advertise on the body of individually owned vehicles.
Sep 17, 2018
–
PT RUMA
To increase dignity, income, and access for the poor through technology.
Dec 25, 2017
–
Midtrans
Midtrans empowers eCommerce through technology.
Dec 15, 2017
–
Kartuku
Kartuku is a third party processor and payment service provider delivering end-to-end, mission critical payment solutions in Indonesia.
Nov 15, 2017
$50M
LOKET
LOKET is the first event management platform in Indonesia that gives the freedom of selling tickets on one’s own website.
Aug 8, 2017
–
Leftshift Technologies
We build loveable products for iOS and Android
Nov 8, 2016
–
Gojek – Awards and Recognitions
Gojek is the only firm from Southeast Asia to reach Fortune’s list of “56 Companies That Changed the World” for 2017. Gojek was the first Southeast Asian firm to be named twice in Fortune’s Top 50 Firms That Changed The World list, rising to number 11 out of 52 global companies in 2019.
Other international honors include the Top Performer in ASEAN Award in 2017, Ernst & Young’s Entrepreneur of the Year Award, and the Superior Products and Services Award in 2016.
Among the national honors are –
Top 15 Most Valuable Indonesian Brands 2019,
Top 3 Brand Performer and Top 3 Most Powerful Transportation/Logistic Brands,
Top 3 Netizen Choice in Online Transportation,
The BrandZ Top 15 Most Valuable Indonesian Brands 2019,
The BrandZ Top 15 Most Valuable Indonesian Brands 2019,
The BrandZ Top 15 Most Valuable Indonesian Brands 2019,
The BrandZ Top 15 Most Valu Best Indonesia Mobile App 2015,
Best Startup Category Work Life Balance,
Most Admired CEO in Indonesia 2017, and
Most Creative in Solving Economic Challenges 2017.
Gojek – Competitors
The top competitors in Gojek’s competitive set are Lyft, Grab, Uber, ComfortDelGro, Gett, MOIA, Ryder, Easy Taxi Services, and Space Neobank.
Grab has dominated the ride-hailing sector in Singapore since the Grab-Uber merger. Grab will have to enhance its service quality now that Gojek, an Indonesian startup, has joined the Singapore market. One of the biggest issues Gojek is facing is a driver shortage, as many self-employed drivers are now listed with Grab.
Gojek is looking forward to organize driver recruitment efforts and offer larger incentives to potential drivers in order to overcome this. Allowing drivers to withdraw money from their virtual wallets is one of them, as is a points system that can be converted into cash and a minimum hourly wage.
Another issue that Gojek is dealing with is a lack of demand. With so many transportation alternatives in Singapore, Gojek will have to rethink its product to stand out from the crowd. To address this, Gojek will need to expand its service offerings, such as its proposal to offer housecleaning services.
Gojek’s quick expansion and market dominance have sparked widespread media attention, as well as criticism from traditional taxi and ojek providers. The Minister of Transportation briefly stopped Gojek and other ride-hailing firms from operating. The restriction was met with widespread opposition, with the hashtag #SaveGojek becoming Indonesia’s most popular trending subject on Twitter.
The ban was removed the same day when President Joko Widodo denounced it, saying that the government should not limit innovation and that the prohibition will have a negative impact on the lives of many Indonesians who rely on Gojek’s services. Budi Karya Sumadi, Indonesia’s Minister of Transportation, enacted a new regulation for online taxis in October 2017. The former PM 26, which regulated the use of private cars for public transportation, was replaced by PM 108.
Gojek – Future Plans
A new ride-hailing service has launched. Gojek plans to expand its operations outside of Indonesia this year, according to co-CEO Kevin Aluwi.
“Over the last few years, we’ve definitely invested relatively smaller amounts in our markets outside of Indonesia. But, we think this is the year where we really want to spread our wings and be a regional and global business,” Aluwi, founder of Gojek, added.
Gojek began as a ride-hailing service in Indonesia in 2010 and has subsequently expanded into food delivery, digital payments, and logistics. It now has a presence in over 200 cities across five Southeast Asian nations, with Indonesia remaining its most important market.
Aluwi also declined to comment on “merger speculations,” saying Gojek’s priority is to grow its business. Gojek is “extremely optimistic” about 2021, he added.
“We do think that 2021 is going to be a growth year and, more importantly, we spent 2020 really investing in a lot of the business and product and operational fundaments, such that profitability and long-term sustainability looks meaningfully better year-over-year,” he said.
Gojek – FAQs
What does Gojek do?
Gojek is a company that creates on-demand smartphone apps for ride-hailing and a number of other services. The company’s app offers services such as transportation and logistics, food ordering and delivery, digital payment, shopping, news, and entertainment, among others, allowing customers to access travel, logistical support, and a variety of other activities with only a few taps on their smartphones.
Which country is Gojek based in?
Gojek is an Indonesian company.
Who founded Gojek?
Nadiem Makarim, Kevin Aluwi and Michaelangelo Moran co-founded the company Gojek.
How does Gojek make money?
On each successful order placed using the app, Gojek charges a tiny commission fee. Gojek is a one-stop-shop for its customers, offering a convenient answer to a wide range of issues. It saves time by eliminating the need to switch between apps to meet different demands.
Which companies do Gojek compete with?
The top competitors in Gojek’s competitive set are Lyft, Grab, Uber, ComfortDelGro, Gett, MOIA, Ryder, Easy Taxi Services, and Space Neobank.
The fast spread of the novel coronavirus has led to a global lockdown hitherto unfathomed. The on-going situation has now become one of the biggest threats to economies and financial markets all over the world, and is leading us towards a global recession. The spread of the coronavirus has impacted the purchasing power of people. We are apprehensive of exchanging traditional currency i.e. notes and coins, to minimize contact. In such a situation, digital contactless payments are gathering a new found attention in these times. Also, countries across the globe are taking numerous measures to maximize digital contactless flow of currency. The culture of digital contactless payments is only going to expand as time passes. This article covers the rise of digital contactless payments post the COVID-19 pandemic.
Status of Digital Contactless Payment
The COVID-19 pandemic stopped almost all possible transactions in the beginning. But over the last couple of months, digital payments have picked pace. People are now resorting to digital payments for purchasing all kinds of utilities. Many merchants have witnessed a significant rise in digital contactless payments across different modes. Statistics point towards a rise of around 30% in the role of digital transactions in revenue generation. Several reports attest to this. According to a report from Statista which talks about the impact of the coronavirus (COVID-19) and its consequent lockdown on Indians, a majority of respondents reported no or very less change in their use of digital payments. However, 33 percent said they used digital payments more than before, while nine percent made online payments exclusively.
Different modes of Digital Contactless Payment
The different digital payment modes that one can opt for in the current circumstance include:
1. QR Code
QR code or Quick Response Code-based payment is a modern payment system that has become pretty popular during the period of COVID-19 pandemic. People can simply scan a QR code with the help of their smartphone to pay for items like fuel, grocery, utility bills, fuel, food, travel and several other services. QR codes facilitate instant payments and that too using fool-proof security payment technology. Whenever a customer requests to pay via the QR code, he or she needs to just scan the QR code of the respective merchant. This scanning helps in automatic entry of the merchant’s details and leaves you with only having to type the purchase amount. After this, you are ready for the payment. Just click on the secure payment tab and watch the transaction happen in a jiffy.
2. UPI
Unified Payments Interface (UPI), developed by National Payments Corporation of India (NPCI), is an instant payment system which relies on your bank account. Whenever a customer requests the UPI payment mode for transacting, the merchant provides his or her unique UPI ID. After this, the customer needs to enter the UPI details of the merchant. The customer can also verify the details displayed on the payment portal. The customer is then ready for making the payment. Just click on the secure payment tab and it’s done! This is also linked with the QR code of the merchant.
Payment gateway is a merchant service provided by different e-commerce platforms and ensures that sensitive information (such as credit card details) passes securely through various channels when entered into a virtual terminal or an e-commerce website . At present, e-commerce establishments are strongly focusing on payment gateways as they refrain from entertaining cash-on-delivery payment orders.
The Near Field Communication (NFC) feature is a new technology in the e-payment sector that allows you to make contactless payments to retailers. Customers can choose to pay via their contactless credit/debit cards or through a Tap & Pay feature provided by banks via a mobile application; you simply tap on your smartphones.
5. Prepaid cards
Closed-loop prepaid cards are the ones that can only be redeemed at the merchant who issued them. On the other hand, “semi-closed loop cards” or “restricted open-loop cards” are similar to shopping centre cards which can be redeemed at various merchants but only within the shopping centre. These cards can be swiped/inserted at the PoS terminal for top-up/withdrawal purposes. You need to enter your pin for completing the payment. This is done for security measures.
Abinaya Arangarajan
