Users Can Pay Instantly Through BlackBerry Ltd (BBRY)’s BBM Money In Indonesia

BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) disclosed that its users in Indonesia will be able to pay for goods, as well as, services through online and in stores instantly with the help of BBM money. The users need not have to bother where they bank and use it. The move comes on the heels of the company holding an event last week to provide an update to media, iOS, Android, and BlackBerry communities in the country.

All Platforms

BlackBerry Ltd (NASDAQ:BBRY) indicated that the app could be used on all major platforms to make payments from mobile. The company said that BBM Money is an app that merges directly with BBM account of a customer, which enables users in Indonesia to pay in real-time with the help of its platform with which its BBM platform is familiar and comfortable with. The move strengthens the firm’s expertise, as well as, a legacy in respect of security and privacy.

The company said that in Indonesia, BBM is the most popular messaging app, especially on devices running Android OS. BlackBerry believes there are three  favorable trends for making the country an obvious choice for the launch of a mobile money service.

Booming E-Commerce

BlackBerry Ltd (NASDAQ:BBRY) said that e-commerce is not only booming but also growing at a faster rate globally though behind China. Also, the 250 million people are witnessing a rapid development of economic activity in the country.

The second trend is in respect of smartphone penetration, which reached 20%. The adoption rate is considered highest in the world. Also, mobile messaging appears to be common in Indonesia. Aside from these, the first experience of the Internet is from a smartphone for most of the citizens in the country. As a result, there exists a tremendous opportunity for innovative and entrepreneurial online retail startups. That is set to draw the attention of fresh customers through the smartphones. That is exactly where the company’s mobile channels and mobile ad platform will play a crucial role.

Fewer People With Cards

The last and the third trend pointed out by smartphone inventor is the fewer number of people having access to traditional bank account. Also, only 11% of the citizens have debit cards while credit card holders account for only 3% in the country. That suggests that there are more users of BBM than the card users. As a result, its mobile payment service is more useful for those without access to a bank account or credit or debit card. That is because its service is integrated with the mobile messaging service, which the citizens love very much.

BlackBerry Ltd (NASDAQ:BBRY) said that it is working with some of the retailers to accept instant mobile payments through BBM money to celebrate Ramadan. That is a busiest buying season in any year in Indonesia.

Viraj Shah

Viraj Shah has completed M.Com (Finance) and is currently pursuing his CFP. He tracks US markets along with other global markets like India very closely. He is very passionate about stocks, real estate, and technology. He also believes that money can always be made in the market.

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