- One of the largest non-bank e-money providers in Indonesia
- The first firm with q remittance license, Syariah-compliant e-money license
PT WITAMI Tunai Mandiri, the Indonesian operations of Southeast Asian fintech firm TrueMoney, has reached 13,500 Indonesia customer service points.
Through these agent-managed service points TrueMoney provides a suite of e-money solutions, including depositing and withdrawing cash, paying for online purchases, and domestic fund transfers, which are fully compliant with Indonesian central bank regulations.
TrueMoney is now one of the largest non-bank e-money providers, and the first non-bank fintech firm to hold a remittance license as well as a Syariah-complaint e-money license, critical for reaching a large percentage of Indonesian consumers.
Alfamart, one of Indonesia’s largest convenience store operators, is TrueMoney’s latest partner, bringing its 13,168 outlets onto TrueMoney’s agent network.
With TrueMoney’s suite of e-money solutions, Alfamart’s customers – many of which have no bank account or credit/debit card – can use digital financial services – pay, purchase, and transfer – that they may otherwise have no access to.
TrueMoney Indonesia president Nussy Aryanto said, “Far too many of Indonesia’s people have no, or very limited access to financial services. By being mobile first and working with a number of partners such as Alfamart, we are able to offer access, convenience and completely new financial products to this large population. Our mission is to bring basic financial services to every single Indonesian.”
According to the International Finance Corporation about 20%-25% of Indonesia’s 255 million population has a bank account, but there are around 325 million mobile subscriptions.
With 85% of the population owning a mobile phone, about half are smartphones.
This means digital services, including digital financial solutions, can reach a much larger segment of the population if delivered, at least in part, through mobile devices.
Alfamart president Hans Prawira said, “We have millions of customers across Indonesia, especially outside of major cities. We are always trying to serve their needs, and our partnership with TrueMoney will bring a whole new set of products and services that will improve our customers’ lives. It will now be much easier and cheaper for them to send and receive funds from relatives, using cash at our outlets; their lives will be changed.”
Marketing Magazine recently awarded TrueMoney Indonesia “The Best Innovation in Marketing” for it efforts at building an agent network of roadside shops and grocery stores to provide financial services across Indonesia.
TrueMoney provides a number of e-payment services across Southeast Asia, including TrueMoney Wallet, WeCard (with MasterCard), TrueMoney Cash Card, Kiosk, Express, Payment Gateway, and Remittance.
It also provides cash-in and cash-out services, which will be especially useful in Indonesia where a large number of the population is unbanked or underserved by banking and financial institutions.
They can do this at any of TrueMoney’s 13,500 agent locations in ten provinces.
TrueMoney Indonesia recently introduced its newest service TrueMoney Remittance, with Alphamart as the service provider.
TrueMoney Remittance is a cash-to-cash service which allows customers to send and withdraw cash from any of Alphamart’s 13,168 stores.
TrueMoney launched its operations in Indonesia in June 2016. The partnership with Alfamart follows a number of partnerships across Indonesia, including Samsung.
TrueMoney is a subsidiary of Thailand-based Ascend Money, one of the largest fintech companies in Southeast Asia with over 20 million customers.
Ascend Money is backed by Thailand’s CP Group and recently secured a 20% investment by ANT Financial Services Group, operator of China’s Alipay.
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