Honest Officially Launches Numberless Credit Card

After obtaining regulatory approval in February 2023, PT Honest Financial Technologies officially introduced the Honest Card product which is claimed to be a credit card without a number (numberless) first in Indonesia.

Currently, Honest has a payment service provider license from Bank Indonesia (BI). In addition, Honest is also registered as a finance company supervised by the Financial Services Authority (OJK).

President Director of Honest Dharu Estiningrum revealed the concept of a credit card numberless provides a different value proposition than a typical credit card due to security reasons. In addition, this product is expected to encourage financial inclusion in Indonesia.

"Honest strives to provide complete control and customer journey different to users. "With a card without a number, they can reduce the risk of their data (card number and CCV) being spread to other parties," he said when met at the Honest Card launch event in Jakarta, Wednesday (5/4).

Honest Card allows users to make transactions via applications and physical cards. The card number can be seen in the app and can only be accessed by the user. Honest Card is also claimed to be the first card in Indonesia that can be used for transactions with the "Tap for Pay" feature based on NFC technology.

Meanwhile, e-KYC is processed instantly within 10 minutes. Temporary, limit The minimum available is IDR 1 million and a maximum of IDR 100 million. "We don't have a branch office, nothing Sales who offers the card, all the processes fully digital. "Physical cards are also sent directly to users," he added.

Currently, the new Honest app is available for Android users. Based on monitoring DailySocial.id, the Honest application has been downloaded more than 5.000 times on the Google Play Store with a rating of 3.9. Honest Card can be used for transactions in all countries that accept the Mastercard network.

Dharu says, nothing fee Other things charged to users are only interest (around 1,75% per month) and administration fees (depending on usage, maximum IDR 150.000). While looking at market traction, the company said it was preparing other financing products in the future.

For your information, PT Honest Financial Technologies is a result rebranding from PT Sahabat Finansial Keluarga (SFK), a financing company owned by PermataBank. The name change follows the acquisition of the majority of its shares by a company from Singapore, namely Honest Financial Technologies International Pte Ltd (Honest Bank).

Founded by Peter Panas and Will Ongkowidjaja in 2019, Honest Bank It is known that it has received investment from a number of investors, including Insignia, Global Founder Capital, and Alpha JWC Ventures.

According to BI data as of June 2022, the number of credit cards in circulation in Indonesia reached 16,58 million units, or an increase of 0,84% ​​from the same period last year which amounted to 16,56 million cards. At that time, it was recorded that there were 27 credit card operating companies in Indonesia, consisting of 22 commercial banks, one sharia bank and four non-bank institutions.