Payfazz Secures E-money License from BI, Focusing on User Base in Rural Area

Currently focused on providing access to financial services to people in rural areas, Payfazz will soon enter the electronic money (e-money) business. It was marked by obtaining a license from Bank Indonesia on June 28, 2021 as a server-based Electronic Money Provider through PT Cashfazz Teknologi Nusantara, a subsidiary of Fazz Financial Group.

Was founded in 2017, Payfazz has helped more than 700 thousand MSMEs or agents providing more than 80 million people through its application. It enables merchants to serve various types of transactions, including PPOB payments.

"This is a very significant achievement that we have been waiting for for a long time. With the electronic money license, we can bring the company's goal closer to becoming an integrated financial service provider application for people without access to banking services." Payfazz' Co-Founder & CEO, Hendra Kwik said.