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Panin Bank, BCA team up in e-money business
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E-money partnership: Bank Central Asia (BCA) president director Jahja Setiaatmadja (front left) and Panin Bank president director Herwidayatmo (right) ink their signatures during the signing ceremony of a memorandum of understanding (MoU) regarding their cooperation in the e-money business on Wednesday. (JP/Anton Hermansyah)
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n an effort to tap opportunities in the electronic money (e-money) business with minimum investment, private lender Panin Bank is teaming up with Bank Central Asia (BCA) to prepare a co-branding product supported by the latter’s technology.
The cooperation, which was sealed in a memorandum of understanding (MoU) signed on Wednesday, will allow customers to top up Panin-issued e-money products at BCA branches and ATMs, Panin Bank president director Herwidayatmo said.
Instead of developing its own e-money platform from scratch, Herwidayatmo said it was more efficient for Panin to join BCA’s e-money system, which the country’s largest private lender established in 2009.
“It is too late for us to catch up to what BCA has accomplished with their e-money system. Joining them is a better choice,” he said on the sidelines of the MoU signing.
The product will be called the Panin Flazz card, named after BCA’s Flazz cards, which are prepaid.
BCA has recorded that 60 to 70 percent of transactions in the transportation sector, namely toll roads, Transjakarta buses and commuter line operator KAI Commuter Jabodetabek (KCJ), are carried out using Flazz cards.
In 2015, the prepaid card’s transaction value grew by 50 percent to Rp 870 billion (US$66.6 million), which was generated by 8.5 million cards, according to data from the bank. (hwa)
