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Partnering with Ayoconnect, Bank Mandiri Grows Their Credit Card Business with Autobilling API

Partnering with Ayoconnect, Bank Mandiri Grows Their Credit Card Business with Autobilling API

  • Bank Mandiri is collaborating with Ayoconnect in providing the Mandiri Power Bill feature for Mandiri credit card holders
  • Through this collaboration, Bank Mandiri grew its sales volume by 19% and its transaction count by 23% in 2020 compared to the previous year
  • This collaboration allows Mandiri credit card customers to enjoy the convenience of automated bill payments at more than 200 merchants from 8 product categories

The COVID-19 pandemic has stalled the growth of various industries in Indonesia, including the credit card business. Data from the Indonesian Credit Card Association shows that credit card sales volume contracted by 30% with a decrease in the number of transactions reaching 28.73% YoY from January 2020 position of 29.98 million transactions. The decline in credit card transactions is likely caused by the closure of retail outlets in various cities and the tendency of customers to limit their spending during the pandemic.

Credit card issuers address this condition through several strategies. Bank Mandiri, for instance, facilitates Mandiri credit card holders to automatically pay their recurring bills with their Mandiri credit cards through the Mandiri Power Bill feature. The feature that is powered by Ayoconnect’s Autobilling API provides various benefits for both the company and its customers.

The collaboration between Bank Mandiri and Ayoconnect provides Bank Mandiri with access to Ayoconnect’s open API network, which handles subscription and recurring payments for 3,000 digital products from 24 categories of prepaid and postpaid bills.

“Our collaboration with Ayoconnect has resulted in a successful expansion of the scope of Mandiri Power Bill services. The Mandiri Power Bill service now covers PDAM payments to more than 60 cities and 100 districts in Indonesia. The number of merchants has also increased from the previous 20 to more than 200," explained Noorman Andrianto as Vice President of Bank Mandiri in Jakarta, Monday (28/6).

Furthermore, Noorman added that this collaboration will certainly make it easier for Mandiri credit card users because they no longer need to queue or remember various due dates to pay off monthly bills.

According to Bank Mandiri, the implementation of the automated bill payment feature has also succeeded in boosting the level of customer satisfaction and attaining the company's strategic efforts to increase the loyalty of Mandiri credit card customers. For example, the integration of the Ayoconnect Autobilling API into Bank Mandiri has resulted in a sales volume growth of 19% and transaction growth reaching 23% at the end of 2020 compared to the previous year.

Ayoconnect’s Autobilling API is specifically designed to help financial institutions manage and grow their revenue by providing them with a comprehensive recurring bill payment transaction system for credit card issuers, while simultaneously providing a safe and convenient bill payment experience for end customers.

“Ayoconnect is proud of the opportunity given by Bank Mandiri. Bank Mandiri's Power Bill feature powered by Ayoconnect’s Autobilling API is a form of our commitment to help financial institutions grow their business with API-based solutions amid challenging times," said Chiragh Kirpalani as Co-Founder and COO of Ayoconnect.

Ayoconnect plans to open up its Autobilling API to more banks, e-wallet, and fintech companies in the near future and is currently in advanced discussion with several interested financial institutions.  Click the button below to read more details of our partnership through our case study.