Finding Opportunity and Differentiation in Competitive E-Wallet Industry

MARKETING

Muhammad Rizqi Perdana

7/16/20253 min read

The development of digital technology has driven significant changes in various aspects of life, including the financial sector. Financial Technology has emerged as an innovation that combines financial services with digital technology to provide solutions that are more efficient, faster, and more accessible. The presence of Fintech has changed the way people interact with financial services, ranging from digital payments, online loans, investments, to personal financial management. In Indonesia, the growth of the Fintech industry is very rapid in line with the increasing penetration of the internet and the use of smartphones. According to data from the Financial Services Authority (OJK), the number of Fintech providers continues to increase, reflecting a strong interest from industry players to provide inclusive financial services. However, despite experiencing rapid growth, the Fintech industry faces significant challenges, including low digital financial literacy, consumer trust in data security, and increasingly intense competition.

The Story

Because of that, an e-wallet company contacted Monica & Co Business Advisory to seek help for research regarding financial technology insight and industry breakthroughs in the Indonesian market. This insight will be crucial for them to understand market needs, create targeted products, and enhance competitiveness in the digital era.

To solve this problem, Monica & Co. Business Advisory does some analysis, such as market analysis, consumer analysis, and competitor analysis. Market analysis provides an overview of how the financial technology in Indonesia works, market size, market segmentation, estimated revenue that can be obtained by a financial technology company, as well as the challenges and opportunities that exist. Consumer analysis provides an overview of customer targets and their needs. Meanwhile, competitor analysis provides an overview of competitor products and their marketing strategy.

After doing some research and analysis, Monica & Co Business Advisory gives a fintech company some insight regarding industry breakthroughs that can be utilized as new opportunities for their e-wallet business. First insight that we give is that a fintech company can make a new e-wallet that can focus on the processes of inefficient transactions with minimal competition, such as tax payments, public transportation usage, parking, university tuition payments, schools, hospitals, BPJS Health, and BPJS Employment.

The second insight that we found is that the use of digital transactions, such as through QRIS, has disparities in usage across different regions. DKI Jakarta is the region with the highest usage in 2024. It is followed by West Java, then Central Java, and East Java. Meanwhile, other regions such as North Sumatra, Yogyakarta, Bali, South Sumatra, and Lampung have opportunities for improvement. This insight can be crucial information for a fintech company to focus on that region first after launch.

The next insight for a fintech company that wants to launch a new e-wallet is that E-wallet marketing must take advantage of promotional moments or 'burning money' to attract new users. This strategy has been used by competitors like Dana, Gopay, and Shopeepay to become popular e-wallets in Indonesia. Last but not least is that having billing features or bill reminders, such as TV & Internet, PDAM, credit card, and many others, can help a new e-wallet stand out more in the market.

Our Approach

After getting important insight from Monica & Co Business Advisory, a fintech company hopes they launch their new e-wallet product successfully in Indonesia and gain more attention from a new customer. They also hope that their perfume product can align with Indonesian customer expectations, especially regarding features.

The Impact

*We take our clients' confidentiality seriously. While we've changed their names, the results are real

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a woman in a suit holding a cell phone
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turned off laptop computer on top of brown wooden table

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