Photo credit: Tech in Asia
Ecommerce unicorn Tokopedia is launching a “virtual credit card” called TokoSwipe, marking the latest effort by local tech firms to get card-less Indonesians to shop on credit.
TokoSwipe is being launched in beta, having already been made available to some users of Tokopedia’s mobile apps.
The virtual card can be used to pay for transactions made on Tokopedia’s platform, from a minimum value of 10,000 rupiahs (about US$0.67) upwards. Some of Tokopedia’s other financial services offerings, such as mutual funds and gold investments, are not eligible for TokoSwipe payments.
Users can pay off their bill at the end of each month, with a minimum repayments starting at 10 percent. Those who choose not to pay off the full amount can select a three-, six-, or 12-month installment plan at zero percent interest.
Another Indonesian player that recently offered a “cardless” credit service for the country’s large underbanked population is FinAccel. The Jakarta-based startup recently raised US$30 million in venture funding for its combined “virtual credit card” and point-of-sale system, Kredivo.
Editing by Judith Balea and Eileen C. Ang
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