Faspay Expands Business Coverage, Launches A Number of Services Outside "Payment Gateway"

This year is an important momentum for Faspay, which is no longer just a platform payment gateway just. Right before the end of last year, the company inaugurated three new innovations, namely the Business Fund Faspay, the Faspay Billing API, and the Alfa Group cash withdrawal facility.

Contacted by DailySocialFaspay CEO Eddy Tju said, "This innovation completes the company's mission to empower businesses for digital payments by creating better and more powerful ways for businesses to manage money, whether to receive payments or make payments anytime and anywhere.

"We have a vision to build a financial transaction platform to help businesses grow by accelerating the adoption rate of digital payments and other financial transactions," he said, Friday (6/1).

Thus, Faspay has four main products, namely: collection system or receipt of funds (Faspay Business & Faspay Billing), disbursement system or remittance (Faspay Send Me), and business capital loans (Faspay Dana Usaha). Faspay itself operates with two permits, namelypayment gateway and transfer of funds from Bank Indonesia.

Explained further, Business Fund Faspay is the result of cooperation with CoinWorks to provide additional loan funds of up to IDR 2 billion for merchant Faspay. Of course, in the future partners will be added in order to support more business merchant. "This product will complement Faspay services so that it can become a digital solution that is upstream to downstream."

Next, the cash withdrawal service at Alfa Group is the development of additional features from Faspay SendMe. This service is used by merchant who want to distribute their funds in bulk and real-time, recipients of funds can make cash withdrawals at all Alfa Group outlets. As a result, recipients of funds who do not have access to banking can be served.

Finally, the Faspay Billing API, which is a development of the previous product, used to be without an API. The presence of an API can facilitate integration with Faspay merchant sites or applications. Merchants can send invoices online (invoice), accept payments from a variety of options channel payment system, and the billing system can be adjusted so there is no need for manual checking.

"During 2020, Faspay realizes that there are market potentials and challenges that must be met by companies such as Faspay for business people to make it easier to accelerate and adopt digital payment solutions."

Eddy continued, in addition to the three new innovations above, the company actually launched two other services, namely Faspay Billing Lite and ECWID. plug-in. In addition, the company also announced various new collaborations with payment channels, from GPN, QRIS, ShopeePay, DANA, BCA Virtual Account Aggregator, to CIMB Niaga Virtual Account.

Development merchant and next plan

It is claimed that currently Faspay has managed to collect more than 2 thousand merchant. They mostly move in fintech, financial services, tourism, and ticketing & travel. However, according to company records, there are three business categories that grew the most in business transactions last year. They are the F&B industry which grew by 340% from the previous year, followed by fashion which increased by 103%, and IT services 94%.

“This fact shows that business people are increasingly aware of trends and shifts in shopping behavior towards online more increasing. Therefore, they are looking for ways to innovate and present effective ways to increase sales, one of which is adopting payment services online or payment gateway like Faspay."

He cited a report from Kantar, that the average number of cash transactions decreased from 48% before Covid-19 to 37% after Covid-19. At the same time, the frequency of transactions e-wallet increased to 25% from 18%. "These data show that along with the shift in customer shopping behavior towards online, online payment businesses such as Faspay are also growing.”

Although not yet willing to go into more detail, Eddy said the company will continue to innovate this year. He only said that these new services will still be aimed at helping conventional businesses to start using digital payment solutions. "The services presented will also make it easier for business people to receive funds, send funds, or borrow business capital."

Faspay-like players, namely Moka have also developed more than just payment gateway. Together with its mother, Gojek, released GoStore to target segments social commerce, allowing users to create and manage stores online-his. GoStore has been automatically connected to GoPay and debit/credit card payment systems and GoSend for logistics needs.