Visa invests in Indonesian ride-hailing app Gojek; buys Payworks
Wednesday, July 17, 2019
The investment is part of Gojek's ongoing Series F funding round but the size of Visa's commitment has not been disclosed.
Gojek, like Uber and Grab, has used its ride-hailing muscle to move into digital payments, establishing Go-Pay as a market leader.
With Indonesia, and South East Asia more generally, still heavily cash-based markets, Visa sees the Gojek partnership as a way of pushing digital adoption and boosting financial inclusion.
Chris Clark, regional president, Asia Pacific, Visa, says: "We both want to make everyday life more convenient, whether it's how people move around town in Southeast Asia's fast-growing urban areas, or making it easier for people to pay and be paid all over the world.
"We also have a shared goal to bring formal financial services to the unbanked and underserved, including micro, small and medium businesses."
Separately, the card giant has acquired Payworks, the Munich-based payment gateway software for the point of sale. Financial terms were not disclosed.
Visa will bring Payworks’ cloud-based tech for in-store payment processing together with its CyberSource digital payment management platform to create an integrated payment acceptance offering for merchants and acquirers.
“For the past two years, we have partnered closely with Payworks to deliver cutting-edge integrated commerce solutions for CyberSource’s clients worldwide,” says Carleigh Jaques, SVP, global head, digital merchant products, Visa. “As these solutions become mainstream, aligning more closely with Payworks and combining our businesses is a natural extension of our relationship."