Veritrans Indonesia to Officially Launch Online Payment Gateway Service
Another player in the payment gateway service and could mean a better prospect for e-commerce business in Indonesia. PT Midtrans, operating as Veritrans Indonesia, announced to officially begin operations as new online payment gateway for Indonesia market. During the soft launch, the service has served Sribu last August and will commence with KrazyMarket, Qeon Interactive and BerryBenka in September. PT. Midtrans is a joint venture between VeriTrans Inc., Japan’s largest payment processor, netprice.com, a leading Japanese e-commerce company, and PT. Mitratama Grahaguna, an Indonesia-based investment arm of Midplaza Holdings.
VeriTrans Inc. is a leading innovator in the payment processing industry and was the first in Japan to implement the Payment Card Industry Data Security Standard (PCI-DSS). VeriTrans 3G, the company’s flagship product, represents technological leadership in terms of security, ease of use, and reliability. Furthermore, VeriTrans has established key partnerships with payment industry players in China as part of its strategy to broaden its operations across Asia. VeriTrans is the first online payment gateway outside of China that has established a direct connection with China Union Pay’s payment network. The launch of PT. Midtrans's payment gateway service in Indonesia represents a further step towards VeriTrans's growth strategy.
Takashi Okita, CEO VeriTrans Inc., stated, "We are very excited to be able to extend the VeriTrans technology to the Indonesian market. Our Indonesian partner, The Midplaza Holdings, brings a wealth of experience and relationships that will prove invaluable as we move forward. PT. Midtrans and our partners will work closely with merchants and users to grow the Indonesian e-commerce market together."
According to a recent study conducted by Veritrans and DailySocial on the Indonesian eCommerce market, the size of the eCommerce market in Indonesia is approximately $1 billion and is expected to grow exponentially over the next 3-4 years driven by the rising middle class, growing internet population, and increasing spend online.
On the growth prospects of Indonesia's eCommerce market, Ryu Kawano Suliawan, co-founder of PT. Midtrans, said, "The Indonesian online market is on the cusp of significant growth. However, payments have always been a major hurdle for eCommerce companies operating in Indonesia. PT. Midtrans is committed to solving this issue by offering a secure, reliable and merchant friendly online payment solution that is trusted by Indonesian consumers. We aim to serve all Indonesian eCommerce companies, whether they are a startup or a large multi-national company."
Veritrans Indonesia will be joining bunch of other payment gateway services to solve Indonesia's online payment problem, like Doku and iPayMu.