BBM Money is developed by Monitise and issued and managed by financial institution PermataBank and will be available for Indonesia customers using BBM on Android, BlackBerry and iPhone, from early 2015. BBM Money was initially made available in early 2013 to BlackBerry users, offering basic mobile wallet services.
BBM is a messaging application in Indonesia with the monthly active user count having grown by 150% over the past 12 months, and with Indonesia having only 11% debit card penetration and the second fastest rate of ecommerce growth after China it is an ideal target market for BBM Money.
The new BBM Money is set to be made available for users regardless of who they bank with or whether they have a bank account. The new BBM Money will enable payments in participating retail stores and online, and have security measures including passcodes and encryption.
PermataBank will act as the issuing bank, obtaining necessary licenses and meeting the regulations of the central Bank of Indonesia.
Additionally, BBM has inked an agreement with TransferTo, a global provider of international airtime remittance, which will enable users to send prepaid mobile credit to their contacts overseas, from within the BBM app. TransferTo works with over 350 MNOs in more than 100 countries, reaching over 3.6 billion prepaid users.
BBM integration with TransferTo will be available for all users later this year.
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