Identifying User Characteristics of the Top Three E-Wallet Services in Indonesia

Abstract

Abstract Electronic wallet (e-wallet) services have been the most commonly used electronic payment (e-payment) method in Indonesia within the past few years. By using survey data from 409 e-wallet users collected in the first half of 2020 and analyzed with descriptive statistics and logistic regression models, this study explores the top three e-wallet services in this country (i.e., GoPay, OVO, and DANA) to identify the user characteristics of the top three e-wallet which currently being used in Indonesia and to investigate which user groups, if any, tend to go with one e-wallet service over another. The results show that GoPay has the largest user base but OVO is the one with the most loyal user base while DANA has the most different user base of them all. The findings in this study can complement and enrich the literature on the use of ICT in the financial sector in Indonesia and shed light on the use of e-wallet and e-payment industry in this country. Apart from laying out some ground work for further research, the insight from this study can also be used by each e-wallet service to help make decisions as part of their marketing strategy.