Vesta, the instant, end-to-end transaction guarantee platform for online purchases, has been chosen by Indonesia’s e-commerce giant Bukalapak to deliver security to Bukalapak and its customers.
Bukalapak is one of the largest e-commerce companies in Indonesia and the fourth unicorn startup in Indonesia.
Bukalapak will leverage Vesta’s comprehensive fraud solution to maximise approvals of legitimate credit card transactions, and thwart would-be fraudsters.
Vesta’s real-time decisioning platform provides the analytics and authentication technology required to increase approvals of legitimate sales while rejecting bad transactions.
“Our customers deserve to feel secure in their shopping experience”
Positioning itself as an All-Commerce company, Bukalapak enables small and medium enterprises to harness the power of technology and scale their businesses confidently.
More than 100 million active users shop on the site, resulting in a Total Processing Value (TPV) of $ 6bn in 2020.
The company announced an IPO plan in early July 2021, the first Indonesian unicorn tech start-up to do so, and has been officially listed on the Indonesia Stock Exchange (IDX) on August 6, 2021 for an initial price of 850 Rupiah per share, with a total market cap of $6.2bn.
Victor Lesmana, president of commerce & fintech at PT Bukalapak.com, Tbk, said:
“Our country is increasingly digital-savvy, with strong growth in Internet usage, especially e-commerce, amidst the pandemic when people rely heavily on online transactions.
“Our customers deserve to feel secure in their shopping experience, and we are dedicated to serving that trust. That’s what our partnership with Vesta is all about – serving the trust, safety, and security of our customers.”
Escalating fraud hampers the growth of e-commerce in Indonesia
By investing in a secure platform, Bukalapak will bolster consumer confidence in e-commerce.
“Digital transformation across Indonesia has accelerated so quickly that retailers often decline legitimate transactions in an effort to fight fraud, at which point their mitigation efforts actually end up costing them more than the fraud itself,” said Shabab Muhaddes, GM for Asia Pacific, Vesta.
“Sophisticated companies like Bukalapak know they can scale faster by implementing an end-to-end transaction guarantee platform. Through this partnership, Vesta will focus on increasing approvals and stopping e-commerce fraud, so Bukalapak can focus on what they do so well; providing their customers with an exceptional online shopping experience.”