GoPay expands GoPay Coins Programme in Indonesia

GoPay will be expanding GoPay Coins, its unified rewards program, to go beyond the GoTo ecosystem. Under the expanded programme, consumers in Indonesia will be able to collect and redeem GoPay Coins when using online and offline merchants that offer GoPay as a payment method, such as Cinema XXI, Hypermart, Bluebird and more. Consumers can then exchange their GoPay Coins for discounts on future transactions.

With the expansion, GoPay Coins now encompasses external merchants which means that users can look forward to added benefits as well as greater flexibility when they transact with GoPay. Some of these added benefits include the ability to obtain cashback in the form of GoPay Coins. GoPay Coins also offer a higher level of flexibility and allows user to choose which transactions they want to utalise their cashback benefits on. 

GoPay Coins are also eligible for use in all types of transactions across Gojek and Tokopedia as well as external merchants that offer GoPay.

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The enhanced ability for users to utilise GoPay Coins will also benefit the wider GoTo Group, by encouraging further usage of GoTo’s services as well as increased loyalty within the GoTo ecosystem.

In Q3 2022, increased utilisation of GoPay Coins led to 2.3 times higher conversion for cross-platform user acquisition from Gojek to Tokopedia or vice versa, compared to other incentives, and lowered customer acquisition costs by 20% compared with standalone platform incentives.

“The expansion of GoPay Coins is part of our long standing commitment to provide consumers with the most seamless experience when they use GoTo’s services. Giving users new ways to utilise GoPay Coins will further enhance GoPay’s ubiquity in Indonesia. At the same time, it will strengthen user engagement while enabling greater synergies to be unlocked across the various GoTo platforms, providing benefits for everyone in our ecosystem,” said Hans Patuwo, the president of financial technology at GoTo.

The news comes shortly after GoTo Gojek Tokopedia, the digital ecosystem in Indonesia, further accelerated its profitability timelines. The company expects adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) to become positive within the fourth quarter of 2023, according to a press release.

The group contribution margin is also set to become positive within the first quarter of 2023, accelerated in part by four quarters compared to previous guidance. The new profitability timeline, which will bring the company very close to positive operating cash flow, comes as a result of GoTo’s strategic plan based on revenue optimisation, cost management and ecosystem product growth, according to the release. 

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