Mimopay wants to be the solution for Indonesia’s payment hassles

Indonesia is a big archipelago with 13,466 islands. And although the country has a huge population of 250 million people, 80 percent of them still do not have any bank account. That’s a huge problem for any tech company who are trying to monetize in the country. Mimopay wants to be the solution.

Mimopay is among a few other payment enablers in Indonesia like Coda Payments, Unipin, and MOL. There is also Doku which excels in letting small merchants on social networks accept online payments, and there is Indomog, which sells physical vouchers for online top ups in many point of sales including grocery retailers Carrefour and Hypermart, and internet cafes. But nobody has emerged as the dominant player for epayments in Indonesia yet.

Mimopay director Rocky Wijaya says what sets them apart is the wide variety of epayment options they provide to merchants.

Mimopay is a payment aggregator that offers four ways for merchants to receive online payments. First is through telcos: Mimopay works with Smartfren (11.3 million user base) and XL Axiata (68.5 million user base), so subscribers of both telcos can use prepaid vouchers to top up online credits. Furthermore, Mimopay says they can directly do carrier billing with XL Axiata and is in talks to do something similar with Telkomsel (131.5 million user base).

Second is banks. Mimopay lets merchants accept payments via ATM and ebanking tools. Third is the convenience store. Mimopay works with more than 180 7-Eleven convenience stores to sell Game Cards for online games top ups. The last method is an e-wallet, where users can also make online payments using MIMO wallet and Mandiri e-Cash.

See: Here are 17 emoney options Indonesians can use for shopping, travel, and ecommerce

Mimopay works with about 60 game publishers now and is planning to extend its merchant reach to other verticals like general ecommerce. The payment enabler claims to be handling over 300,000 transactions every month, with more than 200 active products consisting of online games and apps.

The team is expanding to Malaysia this year by partnering with telcos Maxis and Digi. Not stopping there, the next country Mimopay plans to go to is Vietnam.

The company started its operations in January 2012 under the guidance of Andy Zain as board member. He is a respected serial entrepreneur who has overseen a few businesses like Mountain SEA Ventures (VC), migme (mobile social network), and Jakarta Founder Institute.