GoPay was the only mode of non-cash payment accepted by Gojek in Indonesia before mid 2019; Gojek has recently accepted LinkAja as payment option. Gojek provided an incentive for its users to use the e-wallet by giving special discounts on rides and food delivery orders. In a report byFinancial Timesin 2018, Gojek’s then CEO, Nadiem Makarim, claimed that GoPay was far ahead of the competition as Indonesia’s leading payments platform, used to process three-quarters of Indonesia’s mobile payments. In a January 2020 article onIDN Financials, GoPay’s gross transaction value in 2019 was reported to be US$6.3 billion. Based on this information GoPay remained the leading e-wallet in Indonesia in terms of gross transaction value with close to 61% market share in 2019. "EDC " is an electronic device that used as a means of payment using a credit card and / or debit card.
Zilingo Trade is a B2B marketplace for wholesale buyers and sellers in categories including fashion, lifestyle, furniture, home goods, office supplies, fabric, FMCG, health & beauty, and medical supplies to trade effortlessly online. Browse the vast digital catalog with a huge selection at the cheapest prices, place and receive bulk orders from our large network of trusted sellers, enjoy our fast delivery services, and benefit from flexible and secure online payment. Businesses that use Zilingo Trade can grow multifold by accessing our offering of sales, marketing, and financial services. Similar to credit cards, these services also come with a credit limit and a settlement cycle (usually bi-monthly), buy now pay later indonesia but unlike their plastic counterparts, users can complete payments in one click through Pay Later products. “The BNPL Code of Practice strengthens consumer protections for BNPL customers, while preserving customer choice to make purchases and payments in a way that suits their need,” AFIA CEO, Diane Tate, said. “Some customers want to use a credit card, some a debit card, and some a BNPL service – ease of purchases and payments and customer choice are really important, but innovation has to be matched with good consumer protections. One country in this region that is witnessing a rapidly growing fintech sector is Indonesia, although the country has some glaring market inefficiencies.

If you continue to use this site we will assume that you are happy with it and agree to our terms of service. Crowdfund Insider is the leading news and information web site covering the emerging global industry of disruptive finance including investment crowdfunding, Blockchain peer-to-peer / marketplace lending and other forms of Fintech. This entry was posted in Asia, Fintech, Global and tagged akshay garg, bnpl, buy now pay later, india, investment round, kredivo, reinventure, rohen sood, venture capital, westpac. Westpac-backed VC fund Reinventure aims to increase its presence in Asia’s Fintech economy. Reinventure has reportedly joined a $90 million investment round for Kredivo’s owner, Indonesia’s fast-growing “buy now, pay later” platform.
Sharma spent about 10 years at Wall Street, working for the likes of Bear Stearns and Goldman Sachs between 2002 and 2014, until the entrepreneur bug bit him. He returned to his homeland and was entertaining thoughts of starting his own hedge fund, until his credit card application was abruptly rejected. It would be unfair, however, to generalize the use of the credit card across the Asia Pacific region. While consumers in Japan, Hong Kong, South Korea, New Zealand, and Australia prefer credit cards, in countries such as Vietnam, India, Indonesia, and the Philippines, credit card penetration is in meager single digits. WHEN Evie Khusnul Khotimah logged in to her account on the online shopping app Shopee in May, a curious new payment method caught her attention.
“With an unprecedented growth in digital payments over the last 10 years, a large segment of the population and MSMEs have gained access to payment instruments to transact digitally. However, a majority have been unable to obtain credit and additional banking products that are considered critical for true financial inclusion. Together, we will endeavor to further democratize financial access by providing affordable and convenient financial services to the new-to-credit population, thereby expanding financial inclusion for all."

Should Citibank determine that the Cardholder is no longer eligible to participate in the Citi Rewards Program, Citibank will notify the Cardholder thereof. Cardholders can redeem Reward Points/Miles has been collected on each Credit Card Type with Gift. For Citi Cash Back Cardholders, accumulated Cash Back will be credited to Credit Card Statement every month. Cash Back cannot be redeemed to Citi Rewards Points, Miles or Gift. "Cardholder" means the authorized user of the primary card as well as the account owner, or the authorized user of the supplementary card, of the Citi Credit Card. "Credit Card Type" means Citi Prestige Card, Citi PremierMiles Card, Citi Platinum Card, Citi Rewards Card, Citi Cash Back Card, Garuda Indonesia Citi Card, Citi Telkomsel Card; including any valid supplementary card thereof.
In fact, how it uses data science through machine learning is a piece of prized intellectual property within the company. This, in turn, can help push the boundaries of market size further outwards through what is arguably the best marketing tool–word of mouth. The product is aimed at consumer convenience, Sharma says, meaning that it is focused on making the shopping experience more seamless for users, rather than acting as a line of credit for when the wallet feels lightweight. Pay Later is built for the young, urbanized millennial who is native to mobile and ecommerce. Asia is a lucrative market in this context, since 58% of the world’s millennials are situated in the continent.

The key achievements are same-day disbursement, low NPL of about 1% and 40%-60% revenue growth. The current financing solutions in the market take 14 days to process a working capital loan and have high non-performing loans of 3.23% of working capital loans. “When we evaluate a company, first we look at the market need that the company is addressing and if it is being meaningful. Second, does the company show a pattern of accelerating growth, ideally month on month growth acceleration? For a business-to-consumer company, we ask what the ratio between their customer acquisition and customer lifetime value is, and if the company is making more on a customer than what it takes to acquire them,” he explained. “Indonesia has a unique characteristic of having majority in low income segment and over 90% is micro enterprises, so you can develop a business model specially catering to that segment. How do you convert with small mom and pop shops to be able to introduce finance to them and work together with other financial institutions?
A customer in Kuala Lumpur explained that she would “love” to use an e-wallet in most places, but most small merchants accept only cash. They have savings accounts and debit cards but generally use no other banking services. A significant portion are adopting e-wallets, and they will be pivotal for expansion of use cases in the future. To defend their turf, incumbent commercial banks have invested to improve their digital banking offerings and make payment experiences as seamless as those of e-wallets. Some have either launched their own e-wallets or partnered with companies that offer them. The COVID-19 outbreak and its aftermath will prompt many more Southeast Asian households to embrace digital payments.