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LD FEB UI Research: GoTo Financial, Part of GoTo Group, Accelerates Financial Inclusion for MSMEs and Communities in Indonesia

GoTo Financial’s digital financial products and services enable the unbanked and underbanked population to access formal financial services; 1 out of 4 consumers, who were previously not exposed to banking services, now use banking services after using GoPay. GoPay serves as the gateway to digital finance; 60% of MSMEs and 46% of consumers made their first cashless transaction with GoPay. GoTo Financial’s MSME partners’ turnover is estimated to increase by 37% or equivalent to IDR 53.2 trillion by the end of 2021, compared to the previous year.

JAKARTA, Indonesia, Oct. 6, 2021 /PRNewswire/ — GoTo Financial, the digital financial ecosystem under GoTo Group[1], has  successfully increased financial inclusion for MSMEs and consumers. The platform serves as the gateway for the general public to access and use a broader range of digital financial products and services. This was the main finding of the research carried out by the Lembaga Demografi, Faculty of Economics and Business, Universitas Indonesia (LD FEB UI) titled “GoTo Financial’s Role in Indonesia’s Financial Inclusion in 2021.”

Turro Wongkaren, Ph.D., Head of LD FEB UI, explained, “The usage of digital platforms, including digital financial services, has increased rapidly during the pandemic. Electronic payments have even replaced cash as the main payment method. It will be interesting to examine how platforms, such as GoTo Financial, including electronic payments platform GoPay, serve as a gateway to accelerate financial inclusion, especially in supporting economic recovery. We chose GoTo Financial because it not only provides electronic payment services, but also offers a comprehensive financial services ecosystem for consumers and MSMEs in Indonesia.”

There are a number of interesting findings in this research, particularly on how GoPay and other GoTo Financial products not only increase financial literacy but also increase financial inclusion. This has promoted the use of financial products and services, especially among the unbanked and underbanked population.

GoPay is the first digital payment method used by MSMEs and consumers The majority of MSMEs (60%) used GoPay as their business’ first digital payment method. A similar trend is also seen on the consumer side, where the majority of consumers (46%) chose GoPay for their first cashless transaction.
GoTo Financial products help MSMEs adapt and grow during the pandemic Almost half (49%) of the merchants used GoTo Financial products to help them sell online for the first time. 3 out of 10 GoTo Financial merchants started a business for the first time during the pandemic. 4 out of 5 GoTo Financial MSME partners are motivated to expand their business after using GoTo Financial services.
Accelerating financial inclusion 1 out of 5 GoPay users do not have or use a bank account. GoPay is their first exposure to digital financial products. 1 out of 4 people, who were previously not exposed to banking services, now use banking products and services after using GoPay. 4 out of 5 GoPayLater users do not have access to a credit card. GoPayLater is the most accessible postpaid solution for the low-income population. Consumers from various educational, employment, and income backgrounds equally use GoPay to make digital investments, such as in mutual funds and gold. This changes the perception that investments can only be accessed by people who have high income levels and education backgrounds. 1 out of 4 GoPay users are interested in opening a bank account through GoPay. In other words, the public is more open to using other financial services.

LD FEB UI Researcher, Dr. Alfindra Primaldhi said, “Digitalization serves as a catalyst for increasing financial inclusion across various levels of society. This research shows that digital technology, such as the GoTo Financial ecosystem, has been able to reach untapped markets and even promote financial products, such as loans and investments, that were not commonly used by the general public.”

Digital Financial Inclusion Drives Indonesia’s Economic Recovery

In addition to increasing public participation in financial services, the digitalization carried out by the GoTo Financial ecosystem also creates economic and social impact at a larger scale for a longer time frame. From an economic perspective, GoTo Financial helps its MSME partners by increasing turnover and improving business efficiency, such as by reducing operational costs.

Deputy Head of LD FEB UI, Dr. Paksi C.K Walandouw stated that the research findings estimate that the turnover of MSME partners in the GoTo Financial ecosystem will increase by 37% or approximately IDR 53.2 trillion in 2021, compared to 2020.

“The partners’ turnover increase in 2021 indicates that digital platform solutions are able to help MSMEs grow and is also a sign of economic recovery. I believe this growth will be further strengthened because GoTo Financial products also change the public’s perceptions of formal financial services. The majority of MSME players are now more confident in financial products and optimistic about the potential of digital businesses,” said Paksi.

The research respondents are consumers and business actors who have used GoTo Financial services and products prior to the pandemic (before March 2020). A total of 7,355 respondents filled out the questionnaire in a complete manner and were eligible for data analysis, consisting of 5,639 consumers and 1,716 MSME merchants of GoTo Financial. The majority of respondents (95%) are distributed across 21 cities, namely Manado, Samarinda, Balikpapan, Pekanbaru, Makassar, Palembang, Lampung, Medan, Denpasar, Solo, South Tangerang, Depok, Semarang, Malang, Bogor, Yogyakarta, Tangerang, Bekasi, Surabaya, Bandung, Jakarta. Online data collection was conducted in the second week of August 2021 using the simple random sampling method (M.o.E 2%, C.I. 95%)

[1] GoTo is the largest technology group in Indonesia, combining on-demand, e-commerce and financial services through the Gojek, Tokopedia and GoTo Financial brands.


Lembaga Demografi FEB UI is a leading research institution that adopted the concept of demographic-based development. LD’s vision is to be a center of excellence in the area of demographics and population-related factors that contribute to the development. LD’s research covers demographic bonuses, employment, digital economy, social protection, health, MSMEs, SDGs, and CSR.

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