Paper.id, BRI, and Visa Collaborate to Launch a Business Credit Card

Having previously formalized a strategic partnership with Indonesian Visas as a business payment provider partner, Paper.id is now collaborating with BRI to present the innovative "PAPERCARD" credit card. This product is designed to make it easier for customers, especially business people in Indonesia, to digitize payments.

In an official statement, BRI Consumer Business Director Handayani revealed, credit card issuance co-branding this is BRI and Paper.id's ongoing support for the government's vision of increasing financial inclusion. "One of them is through non-cash transactions, supporting MSMEs in carrying out digital transformation," he said.

Through PAPERCARD, business people are expected to be able to transact and manage finances more easily on the Paper.id platform. This product offers two types of benefits. The first is SPACECARD, aimed at meeting the basic needs of business people online real-time. In addition there is UNIVERSECARD which includes all the features of SPACECARD, equipped with premium access, such as airport lounges and convert to airline mileage.

PAPERCARD allows cardholders to manage business and personal on one card. In addition, control access to transaction information as well real-time and accurate. As for submissions to information access and transaction mutations, it can be done through the Paper.id web platform.

Paper.id Co-Founder & CEO Yosia Sugialam revealed, the presence of this business credit card is believed to be able to have a positive impact on Paper.id users so they can experience digital payment innovations while also enjoying promos and personal value for owners.

"Paper.id has been a pioneer since 2017 in the field invoice & business payments. Until now, more than 450 thousand business people have experienced the ease of billing and business payments through Paper.id," he said.

PAPERCARD's presence cannot be separated from the support of the Visa network which allows the card to be used globally, as well as the variety of special promotions it offers. This card can also be used to pay for other business operations, such as digital service advertising (Meta, Google & Tiktok), office asset and inventory shopping needs, business travel, and others.

This strategic partnership is Paper.id's expansive step after posting series B funding of up to $12 million at the end of 2022. The funding led ARGOR (formerly Go-Ventures) with the support of BM Capital, Skystar Capital, PT Kaya Alam Internasional, Living Lab Ventures, and Redbadge Pacific.

Until 2022, Paper.id claims the number of users has grown almost 3x from before. The number of invoices that have been processed has also reached its highest level of more than IDR 9 trillion, this figure is claimed to have doubled from the same period when the pandemic started. This achievement has made Paper.id profitable in business.​

Co-branding BRI credit cards and technology companies

Based on the data presented, the growth of BRI's credit card business in recent years has continued to show a positive trend. kindly year-on-year, transaction volume grew by over 40%. BRI is optimistic to be able to grow bigger. One strategy is to issue a premium credit card to meet the needs of business owners.

One of the first projects co-branding BRI with homeland technology companies is a product PayLater Card with Traveloka in 2019. The presence of the PayLater Card offers a new payment scheme and a unique experience to users, further complementing BRI's banking services. Besides being able to improve customer base and market penetration in the millennial segment, PayLater Card also marks a new era for the credit card business in Indonesia.

After that, BRI also collaborated with the OVO digital wallet application to present a credit card co-branding OVO U Card. This credit card targets the younger generation and digital native to gain easy access to digital transactions.

The OVO U Card is designed as a product that is easy to access and manage, to manage installment schedules, browse available programs from BRI and the OVO ecosystem and Grab, and view transaction history. Cardholders can also enjoy extras rewards and benefits of the two ecosystems. Together with Tokopedia, BRI also carried out a similar initiative.

Based on Bank Indonesia (BI) payment system and financial market infrastructure (SPIP) statistics, the value of credit card transactions in April 2023 rose 20,27 percent YoY compared to the transaction value in the same period the previous year of IDR 25,6 trillion. Likewise, the number of transactions grew 14,16 percent YoY in April 2023 to 30,46 million transactions. As of April 2023, the number of credit cards in circulation rose 5,19 percent YoY to 17,42 million units.