GOJEK partners with Coins.ph to accelerate financial inclusion in the Philippines
Through its market-leading mobile wallet, Coins.ph helps its customers to easily access a variety of financial services - including mobile airtime, remittances, and bill payments - on their mobile phone. Coins.ph has grown its customer base to over 5M in under 5 years, processing over 6M transactions per month (as of December 2018). It is supported by a small, young, and mostly local team, and in the process has attracted significant partners, as well as domestic and international investment. In Indonesia, GO-PAY’s mission is to help millions of Indonesians have access to financial services. As the market leader in digital payments, it has successfully shifted cash to cashless transaction habits both within and outside the GOJEK ecosystem. As of now, more than 50 percent of transactions within the GOJEK ecosystem are done cashless through GO-PAY. By partnering with financial institutions, it also facilitates access for the unbanked to financial products and services. “We are very proud to showcase the success of Philippine startups. In just a few years, our team has been able to build a scalable service extending financial services to millions of Filipinos,” said Ron Hose, Coins.ph founder and CEO. “We’ve been able to accomplish this by working hard and focusing heavily on our customers’ needs.” “Coins.ph and GOJEK share the same vision that has made each a success in their markets - empowering their customers by giving them lower-cost and more convenient access to services. Together we have a tremendous opportunity and by leveraging GOJEK’s resources and expertise, we can give Filipinos even more convenience, choice, and access to the services they want.” According to a WeAreSocial 2018 report, Southeast Asia has one of the highest rates of mobile connectivity in the world, with Indonesia and Philippines boasting higher mobile user penetration and mobile connectivity than the worldwide average. And yet, according to data from Bangko Sentral ng Pilipinas, in 2017, 77% of the Filipino population were unbanked, 60% of adult Filipinos still conducted payments through cash, and over 80% used over the counter services to send and receive money. Digitizing these payment and remittance services is a crucial step towards digital financial inclusion. There is huge potential for GOPAY to bring greater access to crucial financial services in the Philippines by combining its technological expertise, scalability and experience in Indonesia with Coins.ph’s deep local knowledge and strong customer loyalty. Together, the two companies will work to enhance use cases and expand access to cashless payments and banking services, deepening financial inclusion in the Philippines. This is also aligned with the Philippines government’s aspiration to increase digital transactions from 1% in 2018 to 20% by 2020.
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