Bill Payment — Move to Digital Trend
How much did you spend your money on monthly bills, especially your bills? During this covid-19 situation, many of us preferred to use digital payment as an option rather than pay directly to ATMs, bank tellers, payment point kiosks, and so on.
The fintech ecosystem in Indonesia is experiencing rapid development. Growth in the financial services sector driven by the development of fintech in Indonesia can encourage financial inclusion, increase Indonesian people’s literacy, and have a positive impact on the economic situation triggered by the growth in volume and value of spending transactions.
The growth in transaction volume and value was also experienced by the bill payment industry sector. As one of the types of transactions most frequently carried out by the public, the bill payment sector is an industry with enormous potential.
The amount of potential in this business is influenced by two things.
First, the very large number of customers, which includes almost all the population of productive age and adult age in Indonesia, which numbered more than 200 million people in 2020. This demographic segment has the need to pay various types of bills.
Second, most bill payments are a type of recurring transaction. Different from several other product categories where there is only one transaction in a period of several years, bill payments, such as electricity and water, are necessities that must be paid every month.
Online Bill Pay During Covid-19 Situation
How much did you spend your money on monthly bills, especially your bills? During this covid-19 situation, many of us preferred to use digital payment as an option rather than pay directly to ATMs, bank tellers, payment point kiosks, and so on. How it can be a solution to reduce the spread of COVID-19 on this day?
ALTO Network serves the bill payment service to fulfill the client’s need due to the demand of bill payment providers through the AltoPay Biller. The safest and easiest system for payment and billing transactions with the transfer of information between payment portals (such as websites, mobile banking, ATMs, etc.) and frontend-processor. Start from telco prepaid & postpaid, data package, electricity, Water bills, BPJS, TV postpaid, e-wallet top-up, credit card bills, and so on.
So what is the benefit of AltoPay Biller?
· Make it easy for Customers to make routine bill payments and prepaid credit purchases available through a partner system
· Single API for every bill payment product service
· Get many billers with one connection
· Easy and safe implementation process
· Helpful handling customers when doing claim, reconciliation & settlement process
The host-to-host connection would be the answer. Nowadays, many bill providers open their connection through the API (Application Programming Interface) that can be integrated with each fintech company. This service allows fintech to provide bill payment services on its platform.
