Vesta, the only “instant, end-to-end” transaction guarantee platform for making online purchases, recently revealed that it has been chosen by Bukalapak, which is one of Indonesia’s biggest tech firms.
According to a release, Bukalapak will be leveraging Vesta’s extensive fraud prevention solution “to maximize approvals of legitimate credit card transactions, and thwart would-be fraudsters, delivering unparalleled security to Bukalapak and its customers.”
As stated in the announcement:
“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 service provider, due mainly to the breadth or wide range of clients it currently serves and products it sells via online and offline platforms, Bukalapak enables SMEs with leveraging the power of tech and scale their businesses “confidently.”
Over 100 million active users regularly shop on the site, “resulting in a Total Processing Value (TPV) of $6 billion in 2020,” the announcement revealed while noting that the firm had announced an IPO plan last month.
It’s reportedly 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.”
Victor Lesmana, President of Commerce & Fintech at PT Bukalapak.com, Tbk, stated:
“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. 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.”
DBS Insight Asia reveals that there are reports of growing digital commerce fraud which is a key reason why consumers are “reluctant to shop online in Indonesia.”
By investing in a secure platform, Bukalapak will aim to “bolster consumer confidence in e-commerce and assure current and new customers that online shopping is convenient, safe, and satisfying.”
Shabab Muhaddes, GM for Asia Pacific, Vesta, added:
“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. 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.”
Vesta is reportedly the only instant, end-to-end transaction guarantee platform for online purchases, offering consistent approval rates, a better customer experience and “eliminating fraud for leading brands in telco, e-commerce, travel, and financial services.”
By using machine learning “backed by 25 years of transactional data history, Vesta increases approvals of legitimate sales for its customers, while eliminating chargebacks and other forms of digital fraud, driving the true cost of fraud to zero and transferring 100% of the liability for fraud, including chargeback processing, so customers can focus on increasing sales.”
Vesta is based in Portland, OR, with additional business offices in Atlanta, Miami, Ireland, Mexico, and Singapore.