64% of Indonesia’s population is unbanked — that represents 120 million adults and 80 million children. Yet, half of the adult unbanked population in Indonesia currently have a smartphone. Now any Indonesian with a smartphone can get access to mobile banking.
A user can download the PAYFAZZ app and go to a PAYFAZZ agent to deposit money into the app. Users can then use PAYFAZZ to pay for bills, do P2P money transfers or phone top ups. PAYFAZZ is now working with over 15,000 agents in Indonesia and they’re currently processing over $1M in transactions per month. They’ve also just partnered with Indonesia’s Largest Bank, Bank Rakyat Indonesia (BRI).
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TechCrunch – PAYFAZZ wants to build a network of distributed bank agents in Indonesia