Consolidation in Indonesia's e-wallet war could reshape Grab-Gojek dynamics

Reported merger discussions between Ovo and Dana could have implications on fintech battle between Grab, Gojek

Sharanya Pillai

Published Tue, Oct 27, 2020 · 09:50 PM

Singapore

IN RECENT years, Indonesian consumers have been greeted by storefronts adorned with a colourful array of posters screaming about steep e-wallet cashback offers. Unlike Singapore, where such offers are usually in the low single digits, cashback rates there can run as high as 60 per cent.

"Some people say that in Indonesia, you can have your meals subsidised by whoever's money is being burned (to fund e-wallet cashback)," mused Joel Shen, a special counsel at Withers KhattarWong experienced in Indonesian tech. Many consumers download multiple e-wallets on their mobiles to maximise such offers, he noted.