Print
Email
Singapore Telecommunications (Singtel), in partnership with Telkomsel, has introduced a new real-time mobile remittance service called Singtel Dash in Indonesia.
With the new service customers can pay at supermarkets, convenience stores and food courts, apart from using for their train, bus and taxi rides. It also supports transit payments, in-store and online retail payments. It is estimated that about 200,000 Indonesians live and work in Singapore. Furthermore, annual outward remittance from Singapore to Indonesia totals more than US$409m yearly. The new service enables customers in Singapore to send money to 4,500 cash-out points in Indonesia.
The two telecom companies also intend to launch TCash application to offer digital money service in Indonesia, apart from expanding the number of cash pick-up points to GraPARI Telkomsel service centres, as well as, PT Bank Rakyat Indonesia (PT Bank BRI) branches in the second half of 2017.
Aimed to reach the unbanked segment in the country, the new service will be offered by Singtel’s subsidiary SingCash.
The Indonesian mobile payment market is expected to record a CAGR of 72.3% from 2017-2021 to reach US$ 14,465 million in transaction value terms by 2021, increasing from US$ 1,642 million in 2017. In 2016, the market registered a growth rate of 88.9% over 2015, to reach US$ 893 million.
To know more and gain deeper understanding of mobile payment industry in Indonesia, click here.
Sign up for The PayNXT360 Insights, and get a weekly roundup of market events, innovations and data you can trust and use.
Sign Up Now
