Payfazz Officially Pockets BI E-money License, Focuses on Reaching Users in Rural Areas

Focusing on providing access to financial services to people in rural areas, Payfazz will soon enter the electronic money business (e-money). This is marked by obtaining a license from Bank Indonesia dated June 28, 2021 as a server-based Electronic Money Provider through PT Cashfazz Teknologi Nusantara, a subsidiary of Fazz Financial Group.

Since its launch in 2017, Payfazz has helped more than 700 thousand MSMEs or agents serve more than 80 million people through its application. Allows the merchant to serve various types of transactions, including PPOB payments.

"This is a very significant Payfazz achievement that we have been waiting for for a long time. With the electronic money license, we can bring the company's goal closer to becoming an integrated financial service provider application for people who have not been touched by banking services." said Co-Founder & CEO of Payfazz Hendra Kwik.

Furthermore, this license will be used by the company to open up more opportunities that can facilitate agents, especially to help clients global and local companies at Xfers in collecting payments from people who do not have bank accounts.

Previously, Fazz Financial Group had obtained a money transfer license through Bank Indonesia, activated payment gateways for both global and local companies through its investment in Xfers (License for Large Payment Institutions - MAS), entered the world of digital banking through collaboration with BRI Agro (a subsidiary of Bank BRI), and opened loan services through its investment in People's Capital (OJK licensed for P2P financing).

"We hope that this license can have a positive impact on the company's business as a financial service provider and drive transaction volumes to three times from the current one. This electronic money license has the potential to strengthen synergies between Payfazz and other financial products within the Fazz Financial Group," Hendra said.

As of May 2021, Fazz Financial Group claims to have processed more than $10 billion in transaction volume per year through its product ecosystem, and with the existence of this electronic money license, it can increase the transaction volume even higher.

Expand partnership

Over the past two years Payfazz has continued to expand partnerships with startups fintech and other related services, by presenting attractive products and services that can be utilized by MSME actors in the country. Starting from Payfazz Books supported by Credibook, to launching several products that can be utilized by MSME actors. One of them is Warung Online, which allows orders from customers to be recorded directly in the Payfazz application.

In particular their basic services provide bill payments, money transfers, merchant payments, loans, and deposit/savings services for the unbanked through platform partnerships with various financial institutions.