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Business trends

Indonesian state companies unite to take on Go-Jek and Ovo

Telco and banks join forces to create third bloc in growing e-payments market

The Indonesian government is keen to support e-payments to boost the country's digital economy. (Photo by Akira Kodaka)

JAKARTA -- Indonesian state-owned companies are merging their mobile payment services to challenge Go-Jek and Ovo, the two dominant players in the country's rapidly growing digital payments market.

A new banking-telecom alliance aims to create a third bloc in a market that nearly quadrupled in size in the past year to 47 trillion rupiah ($3.34 billion) in transaction value.

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