PAYFAZZ "Rebranding" MSME Solutions, Adjusting Market Segmentation

Fazz Financial Group today announced rebranding to its two financial products, PAYFAZZ Master Agent and PAYFAZZ Books. Both applications are powered by Safecash (PT Inclusion Financial Nusantara) and Credibook. On the same occasion, the PAYFAZZ solution changed its name to PAYFAZZ Agent.

Safecash is reportedly a startup that has been acquired by PAYFAZZ since 2019, along with Kasir Pintar, but there has been no official confirmation. The current head of Safecash also has a position on PAYFAZZ, while various pages on the Safecash site refer to the PAYFAZZ site.

These two startups share the same passion as PAYFAZZ, which is to expand financial inclusion in rural areas.

Safecash is a fund transfer company that already has a license from Bank Indonesia. Meanwhile, Kasir Pintar is a POS application to help MSMEs manage their business efficiently. Smart Cashier utilize BILLFAZZ and Modal Rakyat solutions to help its users' businesses.

Credibook itself is one of Payfazz's portfolios that goes through the round early stage funding in August 2020.

Step rebranding This is done because the company wants to more easily differentiate its products in order to adjust the market segmentation. PAYFAZZ Co-Founder and CEO Hendra Kwik said, "[..] We hope that this product differentiation can make it easier for MSME actors to determine products that can be used to support their business."

FFG itself is formed from the results PAYFAZZ strategis strategic investment for $30 million against Xfers. FFG wants to realize the combined mission of the two companies to provide financial access and inclusion through all of its services in Southeast Asia. Under FFG, there are a number of solutions/enterprises. Among them, People's Capital, Xfers itself, and the POST cashier application.

Two new apps

The PAYFAZZ Agent application, which is the new name of PAYFAZZ, has no feature changes from before. This application provides features for purchasing credit, PLN tokens, PPOB, purchasing wholesale goods through PAYFAZZ Wholesale, to recording stall finances. The target users are startup agents who are just starting a business, with a simpler registration and KYC process, so they can start a business quickly.

Meanwhile, PAYFAZZ Master Agent is an application that is the result of a collaboration between PAYFAZZ and PT Inclusion Finance Nusantara (Safecash), a fund transfer company that already has a Bank Indonesia permit. This application is intended for PAYFAZZ agents who already have high transaction values ​​and have passed more detailed KYC verification in accordance with Bank Indonesia regulations.

Hendra explained that this application has many complete features, such as PPOB services at special prices, fund transfer services to banks that have collaborated and withdraw funds at agents, as well as other banking transactions that are being prepared. The features in PAYFAZZ Agen can also be enjoyed by PAYFAZZ Master Agen users.

According to him, PAYFAZZ Master Agent is one of the company's champion services because it is the embryo of a Digital Banking product from FFG. In addition to Safecash, the company has collaborated with Modal Rakyat for agent credit services, BRI Agro for banking and capital services, and Xfers for payment points.

"We hope that in the future we can provide comprehensive digital financial services through the existing ecosystem at FFG, so that achieving our mission of providing financial inclusion for all people in Indonesia can be realized."

Meanwhile, for the PAYFAZZ Buku application, the company is collaborating with Credibook to provide digital financial recording (cashbook) features, be it debt transactions, receivables, and payments for inter-bank business needs. Another additional feature is helping MSMEs manage their business finances, such as recording sales and product stock, sales reports, debt management which includes recording, billing, receiving payments, as well as digital business cards for business promotion facilities.

Both PAYFAZZ Master Agent and PAYFAZZ Buku target the unbanked community who do not have a bank account. The main targets include MSMEs, small shops, and warungs scattered in remote areas.

Currently, PAYFAZZ Agent has been used by more than 700 thousand active agents and serves more than 80 million Indonesian people. "With the creation of this digital financial service ecosystem, FFG can become one of the main players in improving financial literacy, and is able to provide digital financial services for all Indonesian people," he concluded.

PAYFAZZ's efforts in digitizing MSMEs in rural areas are quite serious considering that according to data, only about 13 million or 21% of MSMEs in Indonesia have digitized their businesses. Meanwhile, the government is targeting more than 30 million MSMEs to Go Digital by 2023.