KinerjaPay Profile
KinerjaPay Corp. operates an e-commerce platform.
The company focuses on building an e-commerce ecosystem for its customers and merchants by providing services and products, including electronic payment service; and virtual marketplace for the sale of various products and services, both of which are available on the portal, KinerjaPay.com, (the Portal). In addition to access to the Portal, its Android and iPhone based mobile application includes additional in-app services to mobile phone users, such as social engagement and digital entertainment (the Mobile App). A virtual marketplace, powered by its proprietary electronic payment service and gamified with in-app entertainment features, creates a one-stop-shop e-commerce platform for users to BUY, PAY and PLAY. The company brands its virtual marketplace under the name of KMALL, its electronic payment solution under the name of KPAY, and its gamification features under the name of KGAMES.
Electronic Payment Service (PAY)
The company provides electronic payment service to consumers and merchants using the technology licensed from PT Kinerja on the Portal and Mobile App. The company completed the acquisition of its licensor and former parent company, P.T. Kinerja Indonesia (PT Kinerja), in 2018 and, as a result, P.T. Kinerja became its subsidiary and the licensing agreement was terminated. The electronic payment service is also known as KPAY, which provides a secure method for money transfer, bill payment and online transactions. Friends and family might transfer money using electronic devices anywhere and anytime; consumers might pay utility bills, phone bills, credit card bills and top up mobile phone credit to their mobile phone accounts; merchants of all sizes might accept payments channelled through KPAY on their merchant websites. The company also developed a proprietary digital wallet software (e-wallet) that provides a secure way for individuals and businesses to make and receive payments on the Internet. Its e-wallet provides an escrow payment service that reduces transaction risk for online consumers; shoppers could verify whether they are happy with the products received before releasing funds to the seller.
The company offers a service that enables users to process payments or transfer money directly using their bank, debit and credit card accounts on its Portal and marketplace. It also offers merchants a payment solution that provides authorization and settlement capabilities, of which merchants could connect with their customers and manage collection risk. The company has also introduced an application-generated token to confirm outgoing payments to enhance transaction security.
Virtual Marketplace (BUY)
The company launched its virtual marketplace (KMALL) (during 2017 as a free platform for buyers to explore products and sellers to establish a low-cost online presence for their products from the local Indonesian market. Buyers and sellers could access KMALL from their electronic devices anytime and anywhere. KMALL features a ‘Max-3-Steps’ concept aiming to streamline the shopping experience of buyers. Buyers complete a purchase transaction within three steps, by choosing an item, checking out and making a payment using their e-wallet under KPAY.
Subsidiaries and Collaboration Agreements
The company carries out its business through three wholly-owned subsidiaries as follows:
PT Kinerja Pay Indonesia (PT Kinerja Pay): PT Kinerja Pay focuses on building its e-commerce ecosystem, including KPAY, KMALL and KGAMES. Together with the parent company, PT Kinerja Pay focuses on expanding collaboration with third parties and develop an internal sales and marketing effort.
PT Kinerja Indonesia (PT Kinerja): PT Kinerja, as the previous licensor of the company prior to acquisition, has established the requisite infrastructure for billing, collections, payments and related payment services, and provides necessary R&D, technical support, servers, procurement/logistic and IT operational services, equipment bandwidth and other technology support. PT Kinerja serves as the technology engine of the company and would explore cloud computing business and other IT service-related businesses.
P.T. Kinerja Sukses Gemilang (PT Kinerja SG): PT Kinerja SG would manage the new KFUND brand and focus on developing a peer-to-peer micro-lending platform.
Sales and Marketing
The company’s user basis is approaching 200,000 users. Its services and products are marketed under various brand names, including:
KPAY: The company’s electronic payment service (PAY), business, including payment gateway, e-wallet and payment with QR code.
KMALL: The company’s virtual marketplace (BUY) business B2B and B2C online transactions.
KGAMES: The company’s gamification (PLAY) business that develops games internally and from local game developers.
Proprietary Technology, Domain Name and Licenses
The company has registered its domain names, Kinerja Pay, Kmall and Kfund to Ministry of Communication and Informatics of the Republic of Indonesia.
Competition
The company’s virtual marketplace (KMALL) competes directly with online B2B and B2C shopping platforms and other offline channels, including but not limited to, retailers, catalogs and classifieds. Direct competitive shopping platforms include Tokopedia, Bukalapak, Shopee, Lazada, and Blibli, etc.
The company’s competitor also includes KinerjaPay Core Pillars, an e-commerce ecosystem that integrates electronic payment service with a virtual marketplace enhanced by gamification components.
History
The company was founded in 2010. It was incorporated under the laws of the state of Delaware in 2010. The company was formerly known as Solarflex Corp and changed its name to KinerjaPay Corp in 2016.
