This was an article write-up way back in November - over 4 months ago now.
IOU has made great progress since - and very quiet on the Indonesia front.
Don't be surprised if IOU's digital payment revenue from Prepaid Inventories out paces our coming BNPL revenue.
Not too much attention has been put on the digital payment side of IOU's business.
All IMO!
Focus on South East Asia Market
IOUpay has embarked on a journey to become a market leader in the payment processing space in South East Asia.
South East Asia has a huge number of underbanked consumer base. The company expects that the COVID-19 restrictions will coerce the SEA population towards digital purchase and payments. The pandemic has been boosting the digital payment space since the lockdown. There has been a significant digital boost in the region with internet users expected to reach 420 million in 2024 from 360 million in 2019, according to IOU ASX update, dated 28 October 2020.
Cashing in on the Strong Demand for BNPL Services
IOU recently entered the much-talked-about Buy Now Pay Later (BNPL) market, introducing services in the Malaysian market. Loaded with proven platform capabilities and strong commercial rapport with leading brands, IOU claims to be well-positioned to expedite its identified growth prospects in the flourishing Indonesian digital payments market.
Expanding Product Offerings
IOUpay has also undertaken significant technological improvements in its platform. The aim is to develop a platform that can allow origination, authentication and smooth processing of mobile banking and digital payments for B2B and B2C transactions in the Indonesian market. The platform is also designed to facilitate prepaid inventory supply and sale, and reconciliation of portfolio and individual accounts.
The Company is also evaluating new platform modules for payment gateways. For consumers, the company is offering internal e-KYC admin that enables e-KYC sign-in and electronic authentication, selection of account and tenure, and many more. For merchants, the platform will allow onboarding of customers and processing of BNPL transactions through app and payment gateway modules.
(20min delay)