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Faspay - Digital wallets have gained significant traction as a preferred method of payment among consumers. The proliferation of online businesses has led to the development of numerous e-wallet options.
The optimal choice of digital wallet is contingent upon individual preferences and transactional requirements. Given that a considerable portion of the population remains unfamiliar with digital wallets, we have compiled this informative piece to elucidate the concept.
What is a Digital Wallet (E-Wallet)
A digital wallet (e-wallet) is an electronic tool that allows us to store money and make financial transactions online. Imagine it as a conventional wallet that we usually carry, but in digital form on electronic devices like smartphones or computers.
With a digital wallet, we can directly pay for various services and products through applications or online platforms without the need for cash or credit cards.
Digital wallets offer a variety of features, such as the ability to transfer money to friends or family, pay bills, make online purchases, and much more.
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What is The Mechanism behind Digital Wallet?
Digital wallets work in a simple yet effective way. First, you need to add money to your digital wallet. You can do this by transferring funds from your bank account to the digital wallet app via bank transfer or other methods.
Once your wallet is funded, you can use the app for various financial transactions. For example, to pay at a store or restaurant, simply open the app, select the payment option, and confirm the transaction.
Similarly, to transfer money to friends or family, just enter the amount and the recipient's details, then complete the transfer through the app.
The Best Digital Wallet (E-Wallet) for Business
Before you start using an e-wallet to help your business run smoothly, here are some of the best e-wallet options available.
Gopay
GoPay is a popular e-wallet and often considered the best. It's part of Gojek, a transportation and delivery services platform. GoPay supports all transactions within the Gojek ecosystem.
Gojek allows users to order food, pay bills, purchase mobile data, electricity, and water, as well as shop for daily necessities online. For two consecutive years, 2019 and 2020, GoPay was voted the best e-wallet by Indonesian consumers.
Currently, Gojek has approximately 70 million users, encompassing users from both the Gojek and Tokopedia apps. This figure represents the company's total monthly active users as of 2022.
In the previous period, Gojek's annual users ranged between 64 million and 67.2 million for several consecutive quarters in 2023. As of 2022, the company had around 30 million monthly active users.
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DANA
DANA is a digital wallet designed to simplify all cashless transactions, both online and offline. As a digital wallet, DANA provides payment services that can be used for various purposes, from online shopping to bill payments.
In addition, DANA can be used for a wide range of transactions, such as barcode payments, bill payments, and even shopping on e-commerce platforms.
With DANA, users can make online payments easily and securely, without the need for cash or physical cards. DANA's online payment features allow users to make transactions quickly and efficiently, making the shopping or payment experience more practical and convenient.
Currently, DANA has approximately 170 million users in Indonesia. This figure includes users of the DANA app in 2023, which has seen a significant increase from the previous year. In the previous year, DANA had recorded substantial growth, with a user base of 135 million in 2022.
OVO
Similar to Gojek, OVO was initially used for various transactions such as ordering food, paying electricity, internet, or water bills, and even purchasing movie tickets.
Currently, OVO services are available in more than 125 cities across Indonesia and continue to expand.
OVO has recently introduced a new feature called OVO Invest, in partnership with Bareksa, allowing users to start investing. With an initial capital of only ten thousand rupiah, novice investors can begin their investment journey.
ShopeePay
ShopeePay is Shopee's digital wallet, equivalent to GoPay which belongs to Tokopedia. Launched by Sea Money, Shopee's parent company, in 2018, ShopeePay has become one of the top digital wallet applications in Indonesia.
Despite being launched in 2020, ShopeePay has grown rapidly, reaching over 10 million monthly active users by August 2021. This is unsurprising as ShopeePay is the primary payment option for purchasing various daily needs on the Shopee platform.
Shopee offers a wide range of products from fashion and electronics to investments, making it a very popular choice. Additionally, Shopee offers a "pay later" service for ShopeePay users, facilitating the payment process.
ShopeePay has a significant user base in Indonesia. As of March 2021, ShopeePay's user penetration rate reached 76%, making it one of the most popular digital wallets in Indonesia.
In a survey conducted by Snapcart in March 2021, ShopeePay was also the most widely used e-wallet. Although there is no specific data on the number of users, ShopeePay's growth continues to increase, indicating its growing popularity in Indonesia.
LinkAja
LinkAja is a digital wallet (e-wallet) application created through a collaboration of several state-owned enterprises (SOEs), including state-owned banks. The main advantage of this application is its very affordable transfer fee, which is only Rp. 1,000 for transferring money from LinkAja to state-owned banks.
In addition, LinkAja continues to develop and add various new features. Initially, this application was only used to send and receive money, but now it has evolved into a more comprehensive payment tool.
LinkAja has experienced significant growth in terms of user numbers. As of June 2023, the number of registered users reached 90 million. In June 2022, the number of registered users reached 84 million.
Moreover, in December 2019, LinkAja already had 40 million registered users after being established for 10 months. This shows that LinkAja continues to grow and is increasingly being used by the public.
Benefit Using Digital Wallet
Using a digital wallet makes everyday activities more convenient. With a digital wallet, you no longer need to worry about carrying cash or physical credit/debit cards wherever you go.
Simply using your smartphone, you can make direct payments in various places, from stores and restaurants to paying bills like electricity, water, and internet.
In addition, digital wallets make it easy for you to track your expenses, as transaction history is automatically stored in the app. You can effectively manage the finances you save.
Besides convenience, using a digital wallet also provides additional security, as you don't have to worry about losing cash or having your credit card stolen.
With all these benefits, digital wallets (e-wallets) are increasingly becoming the primary choice for many people to transact in a practical and secure manner.
Also Read : Pengertian, Manfaat, Cara Kerja dan Kelebihan dari E-Wallet
Start Accepting Digital Wallet Payments with Faspay
Digital wallets, commonly known as e-wallets, have become increasingly popular in Indonesia. They not only simplify online purchases but also facilitate real-world transactions. With the rise of e-wallets, the way people transact in Indonesia is changing.
Faspay is committed to understanding your business needs by providing various payment methods, including QRIS. QRIS is a standardized QR code for digital payments using server-based e-money applications, digital wallets, or mobile banking, aimed at simplifying both online and offline payments.
Now, you can accept both offline and online payments with just one QRIS, enabling you to receive payments from various digital wallets in Indonesia.
In addition to QRIS, Faspay offers Faspay Billing, which is integrated with top digital wallets. Faspay Billing allows users to create and send invoices, as well as receive online payments.
With Faspay Billing, businesses can streamline their billing processes. The latest features of Faspay Billing 2.0 include creating and sending electronic tax invoices, proforma invoices, and integration with online payment systems.
This supports business digitalization and enhances a company's ability to manage electronic payments. Faspay Billing can also be used for various types of payment transactions, including foreign currency payments.
Also Read : Simplify Your Customers Payments Across Various Billers with Faspay Bill Payment
Thus, Faspay Billing helps improve efficiency and speed in billing and payment processes for companies. Learn more about these two products that support e-wallet payments and sign up here!
