Vesta’s Enterprise Payments Guarantee brings security to Indonesia’s Unicorn e-commerce giant
Vesta, the only instant, end-to-end transaction guarantee platform for online purchases, today announced it has been selected by Bukalapak, one of Indonesia’s largest technology companies. Bukalapak will leverage Vesta’s comprehensive fraud solution to maximize approvals of legitimate credit card transactions, and thwart would-be fraudsters, delivering unparalleled security to Bukalapak and its customers.
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Vesta’s real-time decisioning platform — built on 25 years of data science and machine learning with 2 trillion data points — provides the analytics and authentication technology required to increase approvals of legitimate sales while rejecting bad transactions.
Positioning itself as an All-Commerce company, due to the breadth of customers it serves and products it sells through both online and offline platforms, Bukalapak enables small and medium enterprises to harness the power of technology and scale their businesses confidently. More than 100 million active users shop on the site, resulting in a Total Processing Value (TPV) of $ 6 billion (USD) in 2020. The company announced an IPO plan in early July 2021, the first Indonesian unicorn tech start-up to do so, and has been officially listed on the Indonesia Stock Exchange (IDX) on August 6, 2021 for an initial price of 850 Rupiah per share, with a total market cap of $6.2 Billion (USD).
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“Our country is increasingly digital-savvy, with strong growth in Internet usage, especially e-commerce, amidst the pandemic when people rely heavily on online transactions,” said Victor Lesmana, President of Commerce & Fintech at PT Bukalapak.com, Tbk. “Our customers deserve to feel secure in their shopping experience, and we are dedicated to serving that trust. That’s what our partnership with Vesta is all about – serving the trust, safety, and security of our customers.”
According to DBS Insight Asia, reports of increasing e-commerce fraud is a primary reason why consumers are reluctant to shop online in Indonesia. By investing in a secure platform, Bukalapak will bolster consumer confidence in e-commerce and assure current and new customers that online shopping is convenient, safe, and satisfying.
“Digital transformation across Indonesia has accelerated so quickly that retailers often decline legitimate transactions in an effort to fight fraud, at which point their mitigation efforts actually end up costing them more than the fraud itself,” said Shabab Muhaddes, GM for Asia Pacific, Vesta. “Sophisticated companies like Bukalapak know they can scale faster by implementing an end-to-end transaction guarantee platform. Through this partnership, Vesta will focus on increasing approvals and stopping e-commerce fraud, so Bukalapak can focus on what they do so well; providing their customers with an exceptional online shopping experience.”
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