Future Acquisition’s Impact on KinerjaPay Corp. First Quarter Sales.
PR Newswire•June 4, 2018
Total transactions increased nearly 691.6% in this year’s first quarter
JAKARTA, Indonesia, June 4, 2018 /PRNewswire/ —
KinerjaPay Corp., (KPAY), a digital payment and e-commerce platform, today announced that the merger with PT. Kinerja Indonesia will provide several synergetic significant benefits to KPAY upon the expected consummation this year. These are: 1.) The ability to own and control its own cloud technology and server farm. 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. 2.) Allow KPAY under US GAAP accounting rules to report sales results that follow the way the company is truly organized, and the way management is incentivized. 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’s focus on business to business customers was the main reason for the dramatic growth. The company recorded 202,786 transactions versus only 29,321 in the same period in 2017. Mr. Edwin Ng, Chairman and CEO of KinerjaPay said: “We continue to see excellent transaction growth in 2018. We believe that the addition of cloud computing as a service will also allow our growth to continue to accelerate.”
KinerjaPay enables consumers to “Pay, Play and Buy” through its secure web portal and mobile applications. Based in Indonesia, the Company provides easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company’s services are available through its mobile applications and on its website at http://www.kinerjapay.com.