PayerMax Payment Gateway Company Officially Operates in Indonesia

Singapore-based fintech company PayerMax announced its operations in Indonesia after obtaining a license from Bank Indonesia. They provide payment services under the legal entity PT Smart Fintech For You.

PayerMax Regional Director William Tung expressed his enthusiasm with the company's presence in Indonesia. According to him, as a country with a rapidly growing digital economy in Southeast Asia, Indonesia has succeeded in attracting investment from all over the world.

"We are committed to increasing networks and partnerships with companies in various sectors, such as gaming, e-commerce, and digital entertainment, as well as providing cross-border payment solutions that are compliant and reliable," he said in an official statement.

According to data e-Conomy SEA 2022, Indonesia's digital economy is projected to reach $77 billion in 2022 -- it will double in 2025 to $130 billion. Behind this potential, this country still has a myriad of challenges as an archipelagic country with a population level that does not have adequate banking access.

This condition encourages the government and the private sector to innovate in the payment industry. The result is now emerging a diverse ecosystem, payment products, and customer base with banking institutions, e-money providers, offline or retail payment outlets, and payment telecom operators all present in the market.

The development of digital payment systems and infrastructure is now progressing rapidly with the launch of the QRIS and SNAP systems. "PayerMax is committed to addressing challenges in the payment landscape in Indonesia and providing solutions for the payment ecosystem."

As a form of seriousness in Indonesia, the company established local offices and local teams dedicated to business, compliance, risk management, technology and other critical functions.

Currently, the company supports a variety of major payment methods in Indonesia, including e-wallets, bank transfers, card payments, OTC, and telecom operator payments.

Not only Indonesia, PayerMax already holds payment licenses in key markets, such as Hong Kong, Singapore, United Arab Emirates, Thailand and the Philippines which are supported by the presence of local teams in 14 countries.

Quoted from Yahoo Finance, PayerMax Regional Director Rinkesh Sharma said, currently 6 out of 10 people in Southeast Asia still do not have access to banking or do not have banking services. unlock technology pintu for new solutions to enable financial inclusion and he hopes that digital banking transformation will be able to grow over time.

“The ongoing payments revolution has opened up growth opportunities for micro businesses and SMEs. To build a safe and reliable digital payment ecosystem, collaboration is key," he said.

At the regional level, the digital payments landscape in Southeast Asia is expected to reach $1,5 trillion by 2030. In Indonesia alone, this segment is led by Midtrans (GoTo Financial), DOCK, and Xendit.