Gojek acquires WePay for Vietnam e-wallet business expansion

Xuan Thinh Monday | 09/14/2020 11:19


Indonesian ride-hailing giant Gojek has been focusing on payments and financial services verticals in Southeast Asia by acquiring a majority stake in Vietnamese payments startup WePay, reported DealStreetAsia.

The deal value has not been disclosed. The report said that the acquisition could help gojek securing an e-wallet license to operate in the region.

“We are always looking for opportunities to partner with innovative Vietnamese businesses as a means to enhance experience for users. We are working with WePay but we are not disclosing any details at this stage. When we have further updates to share, we’ll do so in due course,” Gojek spokesperson was cited on e27 news website.

After the deal, WePay has switched its headquarters from Thanh Xuan district to Cau Giay district, where the Gojek office is located.

Subsequently, gojek Vietnam’s Manager Phung Tuan Duc has been appointed as CEO of WePay, which is an online payments services provider claiming to have a partnership with 24 local banks, 1,000 merchants and four international card issuers.

After the launch of its subsidiary GoViet’s in 2018, Gojek has established a substantial presence in the region across a range of verticals, including motorbike-hailing (GoBike), food delivery (GoFood), and general delivery (GoSend).

After its recent funding from Facebook and PayPal, Gojek has been focusing on supporting the growth of the digital economy in Southeast Asia, particularly in payments and financial services.

Its recent acquisitions include, Moka, Kartuku, Pluang, Midtrans and PonselPay.

In Vietnam, although cash on delivery has been the most popular mode of purchase, the trend is shifting thanks to Covid-19. Since the onset of the pandemic, digital payments have been evolving rapidly and a culture of contactless payments is evolving.

Source: e27, DealStreetAsia

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