The startup counts East Ventures and Wavemaker among its seed and pre-Series A investors..
The mobile payment system will allow merchants to accept credit and debit card payments from smartphones of customers.
Since launching its PoS solution early this year, Moka has acquired over 350 paying stores, the company said, in a statement.
Now, Moka wants to extend its value by enabling debit and credit card payments on its platform.
“There are 57 million SMEs in Indonesia, majority of who still do their business traditionally. We want to make POS and card payments accessible to these merchants, and allow the traditionally cash-based cafes, barber shops, and specialty retailers to offer their customers the convenience of card payments,” said CEO & Co-founder Haryanto Tanjo.
In addition to having Mandiri as its acquiring bank, Moka has also partnered Telkomsel, Indonesia’s largest telecom company. Telkomsel will offer the bundle of Moka mPOS and Telkomsel data package as a business solution for its SME customers.
Moka charges a monthly subscription fee of Rp250,000 per outlet. Moka offers a POS app on iPads and Android smartphones (and for Android tablets soon), and a web portal that lets business owners view sales reports and manage inventory across multiple outlets.
“For the first time, merchants can be empowered with data about their business and accept card payments using their smartphones or tablets. Even better, it’s super easy to get onboard,” said CTO & CoFounder Grady Laksmono.
Traditionally, business owners have to provide complete legal documentation and fill up long paper works at the banks to apply for EDC (Electronic Data Capture) machines.
With Moka mPOS, merchants only have to provide their identity card (KTP or passport), and it only takes three working days to onboard a merchant.
According to a May 2013 report by Timetric, mPOS terminal adoption is expected to increase from 9.5 million in 2012 to a staggering 38 million by 2017, with a forecast CAGR of 42.7 per cent, largely driven by growth in the retail sector, increased online trade and more smartphone and card users.