Collaborating with M-Pay Electronic Money, Flip Optimize the Balance Feature in the Application

Startups fintech Flip officially introduced the new function of the Flip Balance feature. Users can now transfer money directly from Flip Balance to more than 100 domestic banks 24 hours a day 7 days a week.

In addition to money transfers, users can also top up, withdraw balances, and use their balances to transact digital products. A number of these digital products include: e-wallet, pulses, data packages, and electricity tokens.

Flip COO Gita Prihanto said that his party wants to encourage equitable benefits of financial technology to anyone and anywhere through financial services that are safe, practical, and fast. One of them is for users in areas with limited access to ATMs.

"We added the Flip Balance function to give users the option to directly transfer money with the Flip application without the need to open another application. This step is in line with our commitment to improve service quality," said Gita in her official statement.

For your information, Flip is a platform fintech which offers a number of financial services, such as fee-free interbank funds transfers, overseas transfers, e-wallet top up, to the transfer of salaries.

Flip was founded in 2015 and have a fund transfer license from Bank Indonesia (BI) in 2016. Currently, Flip has been used by more than 7 million people and 340 companies and SMEs in Indonesia.

Partner with M-Pay

Contacted separately by DailySocial.id, Co-founder and CEO of Flip Rafi Putra Arriyan revealed that Flip is partnering with electronic money services M-Pay to enable transfer of funds from Balance Flip. This is because Flip only has a license as a fund transfer platform from BI [not yet licensed to use] e-money and / or e-wallet].

"This cooperation is new live as soon as the fund transfer service from Balance Flip was launched. For now, we don't have any [expansion] of cooperation with m-Pay for other features or functions in the Flip application," said Rafi.

A little information, M-Pay under the auspices of PT E2Pay Global Utama is an application-based electronic money service that offers a number of financial features, including transfers, cash withdrawals, purchases of credit and data packages, bill payments, payments at QRIS-based merchants. m-Pay also has a license from BI.

By collaborating with M-Bayar, Flip demonstrates an effort to explore various options to widen the scope of its services without the need to build capabilities or apply for new licenses. There are various possibilities that Flip can add to other financial services in the future, such as opening an account or managing finances.

This model is also being implemented by various industry players, both corporations and startups, to provide or open access to finance by adopting APIs. In the future, anyone can access financial services without having to open a particular bank application.

For example, collaboration Telkomsel and blue (BCA Digital) allows users to open and manage blu accounts, make transactions, and check balances through the Redi application.