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Sharing Economy

Indonesian bank takes fight to Go-Jek with new payment app

CT-owned lender sees group's supermarkets as path to growth in crowded field

In Indonesia where credit card use remains limited, consumers can pay for transactions using apps that display scannable QR codes on their phones.(Photo by Akira Kodaka)

JAKARTA -- Bank Mega, a midsize bank owned by Indonesian conglomerate CT Corp., will release its own mobile payment service soon in a challenge to bigger players such as local ride-hailing startup Go-Jek.

The bank, which ranks 17th in Indonesia by assets, is awaiting approval from regulators and hopes to launch the service as early as this month. Bank Mega sees the CT group's extensive retail network as giving it an advantage over rivals, and it aims to move users into higher-value transactions.

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