Cashbac is Introduced as The Lifestyle Platform for "Instant Reward"
Founded by a company that also manage Dimo and Uangku
Several years of experience in developing Uangku and Dimo has become a great lesson for PT Global Pay Indonesia to build a new platform called Cashbac. It gives an instant reward for many lifestyle transactions. For merchants, it offers a dashboard to help them understand and manage its consumers.
Cashbac was founded in early 2018 and officially launched today (4/18). It has been supported by SMDV and reached at least 200 offline merchants in Jabodetabek, in which 90% of those are engaged in food & beverage sector. The rest are in health and beauty.
During its initial launching, Cashbac partners with UOB as credit card providers by giving interesting offers.
"Cashbac is now available as the lifestyle revolution for urban society. We believe in this era, people are getting smarter in consuming lifestyle that can give them multiple benefits. Cashbac answers it by giving unlimited rewards for users," Mario Gaw, Cashbac's CEO and Co-Founder, said.
Cashbac's targets are the mid-high social economy class with high spending power. This segment seems to be abandoned because many digital services focused on acquiring as many users as possible.
The consumer's segment is the credit card users (includes debit card that can be used for online transactions, such as Jenius, Digibank, and Permata Card). Assuming, there is only 10 million credit car users in Indonesia and 70% of those stay in Jabodetabek. This "small" group consists of those capable to spend big money.
The CEO confirmed that the additional payment option is not a priority for now. Since Cashbac's business model is a performance-based fee, it's obvious that they're focused on this kind of transactions.
The way of using Cashbac is similar to any credit card transaction. The advantage is every transaction through the app will be receiving cashback (comes in vary) directly after the transaction's done.
Transaction via an app is available by tapping on the Cashbac beacon machine or using Pay by QR, a development of Dimo's technology.
Cashbac is using a third-party payment gateway for the transaction and claimed to not keeping the user's data. It is secured with back-end system by payment gateway provider and the availability of 6 digit PIN. Cashback can wipe the user's data (includes credit card) when there are multiple errors of password (assuming it's performed by someone else, not its owner).
The strongest feature of Cashbac is its partnership with merchants. It provides merchants with analytic dashboard and beacon machine to help them observe user's habit and demand. In the end, this data can be used to increase personalization.
Beacon can broadcast merchant's products information via Bluetooth or notification in the operating system (the latter is only available for Android). The marketing technique is expected to be more effective and personalized with the opt-in and opt-out options.
This year's target
The company targets to partner with 2000 merchants by the end of the year and expands in groceries, fashion, and travel sector.
"We are very optimistic about the increasing number of targets by this year and will continue to increase partnerships with other payment options so that Cashbac can be available for the urban society, not only in Jakarta but all throughout Indonesia. We believe the urban society will associate Cashbac as their Lifestyle Jaman Now in the future," he said.
– Original article is in Indonesian, translated by Kristin Siagian