Cash Back Offers and Digital Wallet User Peaks

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Cash Back Offers and Digital Wallet User Peaks

Cash Back Offers and Digital Wallet User Peaks

The poster with the sentence above is certainly familiar. For those who love snacks, posters with discount offers from various digital wallets look like an oasis in the middle of the desert. In the past two years, digital wallet applications have become increasingly massive. One way to attract new customers is to use the "lure" of the refund.

Persuading this Cash Back has proven to produce positive results. IPrice's research with App Annie has seen the number of downloads of e-wallet applications rise from 2017 to the end of the second quarter of 2019.

Gojek's digital wallet, which is Gopay, is the application used by the most active users in Indonesia.

Compiled from the Medium page, 30% of all electronic money transactions in Indonesia come from Gopay. Even in February, Gopay managed to reach US $ 6.3 billion, with a total of 70% obtained from Gojek transactions using Gopay as a payment method.

In addition to Gopay, as a newcomer to the digital wallet sector, DANA has been added to the list of the most popular digital wallet applications. IPrice search data shows that DANA has relatively stable monthly active users from quarter IV / 2018 to quarter II / 2019.

"The funds managed to move up a rank in the second quarter / 2019 to replace LinkAja in third position, unlike the number of applications downloaded, DANA went from one rank to position 3 and was replaced by OVO in the second quarter / 2019 ", The representative of the iPrice group quoted a statement received by CNNIndonesia .com, Tuesday (8/13).

Applying the Lippo Group's e-purse, OVO ranks second in terms of the number of applications downloaded in the second quarter of 2019. In the transport sector, OVO deploys its wings as a means of payment at Grab Indonesia.

Slowly, the echo of the cashless society announced by the government began to emerge. However, the use of debit cards or electronic money has been abandoned in favor of electronic wallets.

In a mobile hand, users can do dozens of transactions. It can even be a lot cheaper with a given refund offer.

The bank started looking at the digital wallet. LinkAja, which comes from Telkomsel's TCash Group, has evolved into a common digital portfolio for BUMN companies Telkomsel, Bank Mandiri, BNI, BRI and others.

LinkAja is officially a competitor of Gopay and OVO with a total of 22 million registered users. iPrice noted that LinkAja remained in third place in Q2 / 2018 in Q1 / 2019. Regarding the number of applications downloaded, there was a decline in Q4 / 2018.

In addition to LinkAja, there was also the Jenius electronic wallet belonging to BTPN and Sakuku of BCA. iPrice noted that the development of e-wallet applications increased by about 50% between the fourth quarter of 2017 and the second quarter of 2019.

QR Code, electronic wallet technology

According to iPrice, financial technology services are considered to be able to facilitate online and offline transactions via a single service.

In addition, the iPrice Group and App Annie studies show that payment methods using QR Pay are the most widely used in digital wallet applications. There are 19 registered applications using this method as payment options.

Because the government has released QRIS (Quick Response Indonesia Standard) among the standardization efforts to increase the use of cashless cash in Indonesia. QR code payment is also used as a solution for payment methods for micro, small and medium enterprises (MSMEs).
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