Add Payment Options, Cashbac Immediately Collaborates with Electronic Money Players

Dynamic technological developments encourage a lifestyle revolution for urban people who want everything to be more practical, including when shopping offline. This is reflected in the achievements of Cashbac, the application instant rewards, although not yet entered his first age.

Focus Cashback Currently, we are boosting partnerships with various parties, including merchants and financial institutions, to increase the variety of payment options in the hope of attracting a larger number of users.

Co-Founder and CEO of Cashbac Mario Gaw claims that since it was first presented to the public at the beginning of this year, Cashbac has processed an average of two thousand transactions daily. However, he was reluctant to mention the income that Cashbac earned.

Cashbac partners with 500 brands with a total of 1.000 outlets. Most of them are still focused on the Greater Jakarta area and are engaged in the F&B segment.

The Cashbac application is said to have been downloaded about 100 thousand times, 60 thousand of whom have connected their debit or credit cards with the application. Of these, around 40 thousand users are categorized as active users. The majority of Cashbac users are aged 25-35 years, first jobber, and urbanites.

"We want to increase the number of merchants, in the pipeline there are many large groups, it is hoped that the total can reach 20 thousand outlets by the end of this year. Then it can grow even bigger by the end of next year, around 50 thousand to 100 thousand outlets," said Mario to DailySocial, Friday (21/9).

In addition, it will provide additional payment source options outside of debit and credit cards. Later it can support payments by cash and electronic money. There are two large-scale e-money players who are integrating their systems with Cashbac. It is hoped that the process will be completed before the end of 2018.

While Cashbac can only accept payment options from debit and credit cards, there are already seven banks that have collaborated, including Jenius from BTPN and Digibank from DBS.

"Users can enter a maximum of up to 10 cards to get cashback through the Cashbac application. They can choose which card they want to use depending on the promo that was provided at that time."

Mario emphasized that Cashbac's intention was not as a provider of electronic wallets, but as a bridge between merchants and users through cashback promos. All transaction processing is fully carried out by partners payment gateway.

External funding

Currently Cashback is fully supported Sinarmas Group as the investor. According to Mario, the support in the form of funding will be sufficient until the end of 2019. Therefore, the company will open an initial fundraising process, which will begin early next year.

The existence of external investors is also needed by Cashbac so that the business can grow more massively and become more known to all Indonesians. Currently, the coverage of the new Cashbac service is in Jabodetabek. For expansion to other cities, Cashbac currently only follows locations where merchants operate.

"Because the biggest challenge for us is introducing us to everyone. Positioning We are different from other companies, we want to help offline merchants who have bigger challenges in increasing their sales."

Collaboration with Dimo

Mario who is also the CEO DIMO said that the business integration between Cashbac and Dimo ​​had actually been carried out, namely the Pay by QR scheme, because the business focus between the two companies was different, the legal entities were separate.

The QR Code printed by Dimo ​​is only used to help the Cashbac system identify merchants. Credit or debit card processing is still carried out by payment gateway partners from Cashbac. This system is implemented by McDonald's.

"Dimo also recruits merchants but they become a bridge for payment solutions for banks using Pay by QR. We have integrated the system between the two commercially, but only use the QR code. Cashbac does not use processing payment from Dimo."

Cashbac developed its own technology to make it easier for users to pay for transactions using Bluetooth-enabled beacons. Users simply need to bring their smartphone closer to the beacon, Bluetooth will automatically activate and the payment will be completed in less than 10 seconds.

This technology is also used to disseminate information about promos from merchants when users open the Cashbac application. Security features will also be thickened but will not bother users. For smartphone devices that already support the latest technology, Cashbac already supports verification via fingerprint.

"We are also developing other technologies, the point is to make the transaction process at Cashbac more seamless without having to enter a certain code," concluded Mario.