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Business

Lippo Group moves to cash in on Indonesia's cashless society

Conglomerate aims to bring its 60 million customers under one digital-wallet umbrella

This Jakarta eatery accepts payment through Ovo, Lippo's proprietary e-money platform. (Photo by Jun Suzuki)

JAKARTA Indonesian conglomerate Lippo Group sees its future in mobile payment services and plans to use its 60 million-strong customer base to tap that promising market.

Online shopping and ride-hailing apps have caught on quickly as Indonesian consumers have embraced smartphones. More than half of the country's population of 260 million is 30 or younger. Despite the recent surge in apps, John Riady, the executive director in charge of Lippo's digital segment, sees far more room for growth.

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