JAKARTA, Indonesia, Aug. 23, 2016 /PRNewswire/ -- CyberSource, a Visa Inc. company (NYSE: V), and one of the world's largest providers of eCommerce payment management services, announced its partnership with Tiket.com, one of Indonesia's largest Online Travel Agents (OTA). Through the use of CyberSource's payment and fraud management solutions, Tiket.com has managed to maintain a fraud rate below the industry average, even as it doubled its revenue in the past year.
Hotel bookings made through OTAs in Indonesia are projected to grow by IDR2 trillion (USD 149 million) annually, due to a consistent 200-300 percent increase in online travel bookings[1]. Taking advantage of the burgeoning eCommerce activity, Tiket.com plans to expand into new territories, both locally and internationally, in 2016. CyberSource's solutions enable Tiket.com to process web and mobile payments securely, allowing Tiket.com to manage multiple customer channels via a single platform.
The travel industry typically involves cross-border transactions which face more exposure to potential fraudulent transactions. Tiket.com leverages CyberSource Decision Manager to keep fraud in check even as it grows. In fact, Tiket.com has been able to retain customer loyalty and grow its customer base without a significant increase in customer complaints. CyberSource Decision Manager leverages the World's Largest Fraud Detection Radar to automatically screen more inbound orders faster, more accurately, and with less manual intervention. As a result, Tiket.com has been able to elevate customer experience with a secure and frictionless payment process, which in turn expands the company's reach. This is clearly demonstrated in the company's annual revenues doubling year-on-year since 2011.
With the company more than doubling in revenue annually, Tiket.com is the most extensive online booking platform in Indonesia, covering both the OTA and entertainment industries. Currently, Tiket.com employs more than 250 people across three offices in Indonesia, and partners 30 regional and domestic airlines, as well as more than 180,000 hotels around the world.
"With customer retention a critical part of our business growth, ensuring a frictionless payment journey enables us to elevate our customers' booking experience, reducing the chance of chargebacks. Even as we grow our customer base, we are heartened that our fraud rates remain among the lowest within Indonesia's OTA industry. As a globally trusted brand, CyberSource's fraud management and payment solutions have undoubtedly been critical to our company's success as they afford our customers with peace of mind," said Gaery Undarsa, Chief Communication Officer, Tiket.com.
"Indonesia's eCommerce market is projected to reach USD16.4 billion by 2019, with the online travel sector projected to become the country's second largest market[2]. With Indonesia's thriving online travel market, global payment acceptance is ever more critical in helping businesses sell via multiple channels, while reducing risk and improving operations as demands change. With a proven, reliable and secure platform serving over 475,000 customers globally, CyberSource is delighted to partner Tiket.com towards its goal of becoming the most trusted travel and entertainment online booking gateway in Indonesia", said Chew Ann Wee, Senior Regional Director, Southeast Asia, CyberSource.
| [1] The Jakarta Post, Booking website eyes more local partners, January 2, 2016 |
| [2] Ken Research, Online Retail and Online Travel will Drive the future growth of Indonesia e-commerce, 3 November 2015 |
About CyberSource
CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 475,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in Foster City, California and maintains offices throughout the world, with regional headquarters in Singapore, Tokyo, Miami/Sao Paulo and Reading, U.K. For more information, please visit http://www.cybersource.com/asiapacific.
About Tiket.com
Founded in 2011, Tiket.com is Indonesia's most integrated travel and entertainment online booking gateway. Tiket.com offers a booking platform for flights, trains, hotels, attractions, concerts and car rentals. Tiket.com employs more than 250 employees across 3 offices in Jakarta, Bali, and Yogyakarta; and partners with 15 regional and domestic airlines, as well as more than 180,000 hotels around the world. Tiket.com is now available in mobile application platform in Android and iOS. For more information, please visit http://en.tiket.com/
For more information contact:
Jareth Cheng
Ying Communications
+65 9006 8387
jareth.cheng@yingcomms.com
