To tap the massive potential of Indonesia's electronic payment market, Go-Pay — the mobile wallet of ride-hailing app Go-Jek — is planning to "strengthen and deepen" its position in that space, according to Go-Pay CEO Aldi Haryopratomo.
"The real competition is how do we move people away from cash? Once you have people moving away from cash, there is so many things that you can do," Haryopratomo told CNBC's "Squawk Box Asia" on Wednesday.
According to Haryopratomo, Go-Pay is currently the country's market leader in the e-wallet space, where online credits can be used for in-app purchases of goods and services or with partner merchants.
Fintech — or financial technology, which can be broadly defined as digital innovation in financial services — has been gaining traction in Indonesia, Southeast Asia's largest economy.
The country's e-wallet market is set to be the fastest-growing fintech segment in the country, according to India-based management consultancy Redseer. A recent Redseer report said the sector is projected to grow from $1.5 billion in 2018 to $25 billion in 2023.