KinerjaPay Corp., a digital payment and e-commerce platform, said that the merger with PT. Kinerja Indonesia will provide several synergetic significant benefits to KPAY upon the expected consummation this year.
This will allow KPAY to offer all Indonesian businesses the ability to have their own online business without major infrastructure development. Indonesia is 5-10 years behind the online transaction penetration that occurs in the United States, Europe and China.
Cloud computing will be one of the fastest growing industries and this acquisition positions KPAY to be among the industry leaders in Indonesia.
First quarter gross revenue would have been $1,693,723 versus negligible revenue in last year’s first quarter. This acquisition allows the company’s income statement and balance sheet to accurately depict the way the company runs itself. Total transactions increased nearly 691.6 % in this year’s first quarter. The company recorded 202,786 transactions versus only 29,321 in the same period in 2017.