Gojek today announced the launch of a cashless payment feature on its app in Vietnam, making its official foray into the booming fintech market.
|Gojek will support Vietnam's cashless transformation |
Users now have the option of using Visa, Mastercard, and JCB credit or debit cards to pay for transport and online food delivery services on the Gojek app. The launch is part of Gojek’s response to user feedback requesting more payment options on the app, especially with the rising shift to contactless and digital payments during the COVID-19 pandemic. This is also in line with the Vietnamese government’s efforts to move towards a cashless society.
Duc Phung, general manager of Gojek Vietnam said, “Cashless payments is one of the most important launches for Gojek Vietnam this year. Our users have expressed their desire for digital payment options, especially with the COVID-19 pandemic accelerating the shift to cashless. We are pleased to now offer users an option that makes paying for our services faster and easier – all while ensuring their safety. Looking ahead, we will continue to expand our digital payment options, including launching an e-wallet in the near future, so that millions of Vietnamese people can enjoy the benefits of the digital economy.”
Indeed, the move of GoJek aims to capitalise into the fintech opportunity in Vietnam. Insufficient access to financial services has made Vietnam one of the region's most appetising markets for fintech companies. Vietnam ranks second among the top 10 unbanked nations, as 69 per cent of the population failed to approach traditional banking services and other financial institutions, according to the latest data published by UK-based Merchant Machine.
Along with the limited access to financial services, Vietnam’s golden population structure is one of the main reasons behind fintech investors accelerating their penetration in the market. The support and promotion of digital payments by the government is going to unlock additional opportunities to build more fintech businesses that not only help to address financial inclusion issues but also build a new layer of infrastructure to strengthen the finance system.
Vietnam is currently home to 115 fintech startups, a significant increase against the 29 in 2015. According to UK-based market research company Tellimer, the Southeast Asian country has been a magnet to fintech investors, luring in up to 36 per cent of total fintech capital across the region in 2019.