Remittance provider TelUPay is relying a local ATM network to reach the substantial remittance payments market in Indonesia.
The Saint Helier, Jersey-based TelUPay has partnered with Artajasa, Indonesia's largest ATM network provider, to make TelUpay's web-based remittance program available on ATMs. TelUPay makes between $0.40 to $0.60 per international transaction. Emigrant workers can use the ATMs to send cash to families in other countries.
The partnership will target potential customers in Hong Kong, Singapore, and Malaysia in particular. The companies say they plan to conduct a marketing campaign in those markets to increase product awareness.
According to World Bank figures, Indonesia had the third highest remittance economy in Southeast Asia, with $7.2 billion that year. Remittance payments are also becoming more popular among alternative payment providers as banks move away from the product.