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According to Tech In Asia, the license enables the company to expand its reach across Indonesia’s large unbanked population. Besides, thanks to the license, Payfazz enables users to maintain accounts with the company and use the balance to pay offline and online merchants – features similar to those offered by other local fintech firms like GoPay and Ovo. Payfazz users can also top up their balance through agents once and make multiple transactions on their own later on.
Overall, the company’s latest initiative comes amid the rapid growth of the e-money space in Indonesia. According to Bank Indonesia, electronic money transactions value hit USD 13.95 billion in 2020, up from USD 10.07 billion in 2019.
Payfazz has launched in 2017 and claims to operate the largest branchless banking agent network in Indonesia, offering banking services to around 180 million unbanked people who live in rural areas.
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