Indonesian ride-hailing company PT Go-Jek Indonesia is nearing a deal to acquire mobile payment startup Moka for at least $120 million, Bloomberg News reported Dec. 11, citing people familiar with the matter.

Moka is a point-of-sale application that businesses, including restaurants and retail stores, can use to streamline payments, manage staff, receive customer feedback, as well as track sales and inventory.

Go-Jek held talks with the startup earlier this year but the companies were able to reach an agreement only recently, according to the report.

Go-Jek and Moka did not immediately respond to S&P Global Market Intelligence's requests for comment.

Aside from its core ride-hailing business, Go-Jek offers electronic payment and remittance services through its GoPay business. The company's co-founder and CEO stepped down in October to be part of the Indonesian cabinet.