Indonesian telco PT Telekomunikasi (PTT) has
gone live with an e-commerce payment service called Finpay.
Finpay is actually run by PTT’s
subsidiary PT Finnet Indonesia, which specialises in electronic
payment systems and services, such as e-billing and even interbank
transactions, and is connected to 50 banks in Indonesia.
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This is not the first time PTT has sank its foot into the
e-commerce market: In 2009, it ran Mojopia, also an online payments
platform and payment system. But it failed due to, according to
media reports, personal internal discrepancies.
With Finpay, PTT is aiming to acquire about
1,000 merchants and register one million transactions each month
before the end of the year.
Finpay was unveiled on 29 May and has already got 150 merchants who
support the platform.
According to the Jakarter Post quoted Mey
Hasibuan, Finpay’s vice-president and head of the online merchant
division, said that the company expects the one million per month
transactions to be worth the equivalent of around USD84.8m.
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By GlobalDataTransaction fees will vary between IDR2,500
(USD0.26) and IDR5,000 (USD0.52).
“Last year, PT Finnet Indonesia’s revenues
were around IDR165bn and profits were at roughly IDR13bn,” the
Jakarta Post quoted Hasibuan as saying. According to the Jakarta
Post, she expects Finpay to increase profits by 75% this year.
