Payment Switching – FinTech
2PAY classified as financial technology company, primarily is a software which captures data and funds from physical/online channels of payments (collecting agents), and then communicates with service providers (billers – core banking systems or third parties) to realize (and aggregate) bill payments and/or purchases made online coming from the various delivery channels to the collecting agent.
In mid 2019, 2PAY was initially connected to service payments from one of the Indonesia’s First Private Satellite Provider (a master agent) as supporting the multi-biller channel.
In Feb 2020, 2PAY start theirs revenue stream when connected with the 4th largest bank in Indonesia, Bank BNI, where 2PAY is used to pay monthly electricity bills to the electricity distribution company of Indonesia which is the National Electricity Company (state-owned). In year 2020, in the midst of pandemic Covid-19 situation 2PAY has booked significant amount of revenue stream with the increment of significant number of transaction.
As of 2021, 2PAY to continue growing the amount of transaction and revenue, 2PAY also proceed to engage with numerous of new potential customer that will boost the transaction/revenue volume.