Indonesia, the fourth most populous country in the world, is emerging as an economic powerhouse in Asia Pacific. With 60% of a population of 250 million being under 30 years of age, growing internet penetration and greater spending power by the middle-class have catalyzed the eCommerce sector. The vast majority of Indonesians don’t own credit cards, so local eCommerce players have developed innovative payment solutions.
Veritrans was established in October 2012, and in under 3 years, has grown into one of the largest payment gateways in the country. The company processes payments (credit/debit card, internet and mobile banking) for over 1000 merchants, including businesses such as Garuda Indonesia (the national airline of Indonesia), Groupon Indonesia (Disdus) and Rakuten Indonesia. The company has a staff of 85 employees. Competitors include the likes of Doku, iPayMu, Pay88 and a dozen others. Doku alone processed …
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