In the past ten years, financial technology around the world has grown exponentially., and fintech in Indonesia is no exception. E-wallets or digital wallets have slowly but surely become the new norm within the country. Despite initial hesitation from the majority Muslim community, e-wallets are steadily becoming a part of the everyday conveniences offered in Indonesia. Many people now use e-wallets and other financial phone apps in their daily lives, for religious donations and purchases, making it hard to imagine living without them.

Non-banking e-wallets are software-based systems that securely store users’ payment information, including passwords, to accommodate various payment methods across a wide range of websites. Using an e-wallet gives users convenience and speed all with a few taps on their phone while also offering various incentives and rewards, making fintech even more valuable and worthwhile. 

E-wallet success in Indonesia

Indonesia, often referred to as an “underbanked” nation, is changing as e-wallets are bringing more financial options and security to the region. The top applications offer a plethora of conveniences, but more so, they have integrated with other companies to provide customers with additional services. For example, some fintech startups have teamed up with ride-hailing services, food delivery apps, and entertainment services to make everyday activities much easier. These startup companies are still vying for their position in an ever-developing economy, but they have been successful so far. As technology continues to develop, and people become more amenable to internet banking services, Indonesia’s startups appear destined to do well.

Let us take a glimpse at the top 5 e-wallet apps in Indonesia to get an inkling of  what the future may hold.


Gojek is a super app that provides a wide range of services to its customers. Along with being an e-wallet, it hosts food delivery, transportation, entertainment, and logistic services. Their slogan is “a solution for every situation: with Gojek there is always a way.” They eliminate hassles for the consumer and provide smoother and more efficient processing, following the 3 Gojek principles of speed, innovation, and social impact. Their fintech services allow users to pay bills, split bills and make payments, all while collecting gopoints as part of their loyalty rewards program.  


OVO Led Indonesia's Digital Transaction Payment - The Insiders Stories
Image courtesy of The Insider Stories

One of Indonesia’s leading digital payment platforms, OVO, is a major contributor to the growth of e-wallets within the country. The company,  spread across 300 Indonesian cities, has over 90% of the adult population utilising its services. They acknowledge that many people prefer to use cash, and are always trying to make going cashless easier and safer so that it stands out as a viable option. 


Aiming to provide consumers with inclusive financial services, DANA is trying to empower people to become more productive, capable, and efficient. Their services include the ability to send money, pay bills, and make e-commerce purchases with the “protection of world-class security technology.” Specifically, their security features include PIN & OTP codes, dynamic QR codes, and a 100% money-back guarantee. This year, they also introduced options which allow people to pay for Apple services using their DANA e-wallet.


Indonesia's LinkAja introduces new CFO
Image courtesy of LinkAja

LinkAja advertises itself as the faster way to pay. Their services include the ability to top up credit, buy packages, pay online, pay bills, and donate money, all from the comfort of your phone. Unique to their company, they are making an effort to target remote rural areas and have invested in transactions across a wide range of different industries. In the future, they plan to expand to other countries such as Singapore and Malaysia.


First introduced by the BTPN bank as the new digital bank in Indonesia, Jenius’s primary function was to “serve the needs of today’s digitally literate customer, by putting all the tools they need to manage their finances at their fingertips.” The company believes in the  philosophy of Life Finance or the idea that every decision has financial consequences. By reinventing their banking services, they are allowing people to manage their financial lives more efficiently . Their banking options include the ability to pay bills, view comprehensive bank statements, make deposits, and complete all banking activities without ever having to physically step into a bank.


E-wallets hold a whole world of possibility for all consumers. In Indonesia, these developments will be life-changing, not only for the users but also for the internet economy. The predicted growth for the next few years will be something to watch with an estimate that the number of people using non-cash transactions in Indonesia will rise from 2.1% to 24% by 2027. There will be obstacles, such as new government regulations to face, but the future looks bright for digital wallets, as people have come to rely on their convenience. Whatever changes the future may hold, fintech in Indonesia has many opportunities to continue growing, developing, and influencing us all.