Brilio.net – Simple, easy and fast transactions have become a necessity for many people, especially business people. A transparent and secure payment system is certainly a necessity. Finally, DOKU answers this need.
Starting as a ‘Payment Gateway’ provider in Indonesia, DOKU has now become a fintech payment company targeting the international stage. It is also planned to expand its merchant service network in 2024.
Founded in 2007, DOKU initially focused on managing digital transactions for merchants. After 16 years of development, DOKU finally decided to pursue greater economic opportunities. In 2023, DOKU will launch innovative services and solutions entitled “Think Beyond Payments.”
“(We) Develop strategies and continue to transform so that we can answer market needs and remain relevant in an increasingly digital era,” said Himelda Renuat Co-Founder & Chief Marketing Officer of DOKUM, as compiled by brilio.net from a press release, Tuesday (14/ 11).
He also continued that trusted, innovation, solid collaboration and timeless are the values held to continue to make the company better over time.
Until October 2023, DOKU has realized more than 200 million merchant transactions, with constant business growth of more than 80 percent annually. In Bali and Nusa Tenggara, where DOKU has been present since the first quarter of 2014, more than 1,900 traders from the tourism and education sectors have utilized its services. The revitalization of the tourism sector in Bali after the Covid-19 pandemic resulted in an increase in transactions of up to 400 percent from traders in the region.
Launched in mid-2023, Juragan DOKU is an initiative created to support the growth of MSMEs. So far, this service has brought together more than 15,000 MSMEs who can access this platform either through the website or applications available on the Google Play Store and App Store.
MSMEs who have access can enjoy digital payment products such as Payment Link which can increase the number of successful transactions via WhatsApp, can use e-Catalog which can create an online shop independently, can register for QRIS / use QRIS which can accept payments with one code as well as online business training free and will be guided by reliable business mentors.
Increase in QRIS transactions
During 2023, DOKU recorded a fourfold increase in transactions using QRIS compared to 2021, when this payment system was first launched. Currently, QRIS is included in the three most popular payment methods at DOKU, alongside virtual accounts and e-wallets.
According to Nabilah Alsagoff, Co-Founder & Chief Operating Officer of DOKU, DOKU’s strategic change from a payment gateway service to a payment fintech entity that operates internationally after more than a decade.
This transition transforms DOKU into more than just a payment connector between business partners and merchants, enabling it to compete in the global market. DOKU has expanded its scope beyond the local market, by acquiring SenangPay, a well-known payment gateway in Malaysia, which strengthens DOKU’s position and opens up opportunities in the SME market with additional funding of 7.5 million US dollars post-acquisition.
Towards 2024, DOKU is preparing a strategy to form a digital wallet ecosystem, focusing on ‘Beyond Payments’ innovation, to provide more comprehensive services to merchants and expand their business reach internationally, as said by Nabilah.
What is DOKU currently preparing?
1. Wallet as a service
DOKU is determined to launch ‘Wallet as a Service’ in the near future. With this, DOKU intends to utilize its e-wallet license to improve transaction management in the merchant business ecosystem.
“We don’t do customer acquisition like DANA, OVO, and so on, but our wallet is a platform as a service, meaning we provide solutions to merchants to leverage our platform, so they can innovate with the services we have built in their wallets. That’s wallet as a service,” explained Nabilah.
2. Open and close loop wallet options
DOKU will introduce two types of digital wallets, namely closed and open. Closed digital wallets are designed to assist merchants in managing balances and creating customized loyalty programs, potentially increasing customer retention.
Meanwhile, open digital wallets will facilitate the creation of co-brand e-wallets through business collaboration, very suitable for applications built by communities.
“Open digital wallets make it easy for communities or businesses to launch digital wallets with their own brands, without requiring a separate e-wallet license,” added Nabilah, noting that open wallets usually require permission from Bank Indonesia.
3. Target government agencies
DOKU also aims to strengthen cooperation with government agencies to promote the adoption of digital payments. The company has served more than 150,000 merchants from various industries, including big names such as TikTok, Google, Garuda, Prudential, and Traveloka.
DOKU has the distinction of being a payment service provider that has five licenses from Bank Indonesia, which gives it the capability to offer various services including payment gateways, fund transfers, remittances, PPOB, electronic money, digital wallets, and QRIS.