DigitalCFO Newsroom | 27 September 2022
FIRST in Singapore to pay to Indonesia bank account with mobile number or email.
Moolahgo, a Singapore-based, digital multi-currency payments innovator, once again leads the pack in instant payment technologies by being the first in Singapore to launch a service that lets users send money effortlessly to Indonesia bank accounts with a linked mobile number or email address. This service works just like how one would easily send money locally in Singapore via PayNow by entering a phone number or NRIC or UEN.
With a population of over 270 million in Indonesia but only fewer than half having access to a bank account, according to an OECD report, Moolahgo’s service could help to improve the sustainability of banking in Indonesia, reducing the number of under-banked or unbanked. This new launch follows the success of enabling money transfers to Indonesia e-wallets in the same manner by the fintech startup at the end of 2021.
It is also part of Moolahgo’s mission to seamlessly orchestrate a wide range of payment types and channels in this region to bring benefits to its end-users and partners connected via Moolahgo’s Payment-as-a-Service platform.
Based on the company’s study, simplifying cross-border transactions through the use of proxy identifiers such as phone numbers has the potential to reduce friction by up to 80%. This speed helps to bring to reality rapid transactions in the world of 5G.
A report by Forrester Research claimed that a well-conceived user experience is 400% more likely to drive conversion rates and should be considered an important contributor to the company’s business results.
Moolahgo builds its digital payment technologies based on this exact premise. “As the digital consumers of today have become accustomed to seamless and fast services from ride-hailing to on-demand food delivery, similarly we see an increasing demand for cross-border financial transactions without the traditional complexities,” commented Mr. John Hakim, CEO & Founder of Moolahgo.