TrueMoney
TrueMoney Indonesia, operated by PT. Witami Tunai Mandiri under Ascend Group / Charoen Pokphand, is a Bank Indonesia-licensed electronic money and remittance wallet. It serves unbanked and digital-first Indonesian consumers with bank-account-free transfers, bill payments, e-vouchers, and QRIS acceptance via the Alfamart/Alfamidi retail and bank agent network.
- Company typePrivate
- Founded2015
- HeadquartersBangkok, Thailand
- Headcount101–250
- GTM typeB2C
- OfferingSoftware
What TrueMoney does
TrueMoney Indonesia is a licensed electronic money and fund transfer operator, run as PT. Witami Tunai Mandiri under the Ascend Group (part of Thailand's Charoen Pokphand conglomerate). It operates a server-based e-money platform accessible via an Android mobile wallet (com.truemoney.witami.app) and a nationwide offline distribution network anchored by Alfamart and Alfamidi retail outlets, plus bank virtual accounts through BNI, BTPN, and Mandiri, the Alto ATM network, and an agent partner layer. Its core functional pillars are remittance without bank-account numbers (tracked via MTCN codes and settled at retail agents), utility bill payments (PLN, BPJS, telecoms, water, Pay TV), and electronic voucher purchases (airtime, data, electricity tokens, game vouchers). Supporting features include QRIS-based acceptance (added March 2022, no consumer fee), Mandiri e-Money NFC top-up, and a business loan referral product distributed through a partnership with PCG and Modalku (May 2022). The platform enforces two-tier user verification (Non-KYC capped at IDR 2M balance; KYC capped at IDR 10M balance, IDR 20M monthly cumulative) backed by OTP, 6-digit PIN, and dynamic QR security controls, with idle agent balances subject to a IDR 50,000 monthly dormant fee.
The business model is transaction-fee driven: TrueMoney charges administrative fees on remittances, top-ups (e.g., IDR 1,500 per Mandiri e-Money top-up), and merchant-acceptance commission, supplemented by affiliate referral revenue from the PCG-linked lending product. Go-to-market is hybrid product-led growth (Google Play app distribution combined with self-serve registration) layered on a B2B2C channel-partner model (Alfamart/Alfamidi for cash agent services, banks and Alto for top-up and withdrawal rails, telecom and content partners such as SmartFren and UniPin for promotional distribution). Target customers are unbanked and underbanked Indonesians needing bank-account-free transfers and bill payment, digital-first Android consumers, and a long tail of small merchants and micro-business owners (including pet shops served via the PCG lending partnership). The company is privately held within a Thai conglomerate, with no venture funding, no IPO, and 101-250 employees; its Bank Indonesia dual-licensing (e-money issuer since July 2014, renewed July 2018; fund transfer provider since July 2014) and status as Indonesia's first sharia-compliant e-money underpin its regulatory positioning.
TrueMoney firmographics
Firmographics- Name
- TrueMoney
- Legal name
- PT. Witami Tunai Mandiri
- Website
- https://truemoney.co.id
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- TrueMoney Indonesia, operated by PT. Witami Tunai Mandiri under Ascend Group / Charoen Pokphand, is a Bank Indonesia-licensed electronic money and remittance wallet. It serves unbanked and digital-first Indonesian consumers with bank-account-free transfers, bill payments, e-vouchers, and QRIS acceptance via the Alfamart/Alfamidi retail and bank agent network.
- Ownership category
- akta.pro rank
TrueMoney industry classification
Industry- Product category
- Mobile Payments
- NAICS
- Nondepository Credit Intermediation (5222)
- akta.pro primary industry
- Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)
- akta.pro secondary industry
- QR Code Payments Wallets (FSAMAEAC)
Keywords
Where TrueMoney is headquartered
LocationHeadquarters
- HQ city
- Bangkok
- HQ country
- Thailand
- HQ region
- Asia
Offices2 records
Markets served
TrueMoney business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure
Revenue model
- Transaction Fees: TrueMoney charges administrative fees for money transfer services, bill payments, and other financial transactions conducted through the platform. The fees vary by transaction type and partner channel used.
- Merchant Commission: Commission earned from merchants when users make purchases or payments at partnered merchant locations through the TrueMoney application
- Top-up/Balance Loading Fees: Fees charged when users reload their TrueMoney wallet balance through various channels including Alfamart, Alfamidi, and bank transfers
- Lending Partnership Revenue: Revenue from partnership with PCG for business loans - TrueMoney serves as distribution channel for PCG's pet shop financing products
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Hybrid | Pay-as-you-go | Non-KYC/Unregistered Users - Limited functionality with lower transaction limits |
| Hybrid | Pay-as-you-go | KYC/Registered Users - Full service access with higher limits |
| Transaction based/ take rate | Monthly | Agent Accounts - Partner accounts for distributing services |
| Transaction based/ take rate | Pay-as-you-go | QRIS Transactions - No additional fees for QRIS payments |
| Transaction based/ take rate | Pay-as-you-go | Mandiri e-Money Top-up Fee |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
TrueMoney product offering
Product offeringCore offering
TrueMoney operates a mobile wallet and electronic money platform that enables users to conduct financial transactions through a smartphone application. The service offers domestic and international remittances (allowing money transfers without a bank account), bill payments, voucher purchases, and a Sharia-compliant e-money product. It operates under a license from Bank Indonesia as an electronic money issuer and fund transfer provider.
Product overview
TrueMoney is a digital financial services platform operated by PT. Witami Tunai Mandiri under the Ascend Group (part of Charoen Pokphand Group). The company offers three core services: Remittance (money transfer without bank account at Alfamart/Alfamidi outlets), Bill Payment (utilities, telecom, insurance), and Purchase (airtime, data packages, electricity tokens, game vouchers). These services are accessible through the Android mobile application and a network of agent partners. Additional features include QRIS payments, Mandiri e-Money top-up, and business loans through the TrueMoney X PCG partnership. The platform supports two user tiers based on KYC completion with different balance limits and service access levels.
Differentiator
Problem solved
Functional benefit
Products and services
- TrueMoney Mobile Wallet A smartphone-based electronic money application that allows consumers to store funds, make payments, transfer money, pay bills, and purchase vouchers without requiring a traditional bank account.
- TrueMoney Remittance Service A domestic and international money transfer service that enables users to send and receive funds without requiring a bank account, supported by tracking via MTCN-like identifiers.
- TrueMoney Bill Payment A service that allows users to pay utility, telecommunications, and other recurring bills directly from their TrueMoney wallet balance via the mobile application.
- TrueMoney Sharia E-Money The first Sharia-compliant electronic money product in Indonesia, designed for Muslim consumers requiring financial services that comply with Islamic finance principles.
- TrueMoney Voucher Purchase Allows users to purchase prepaid mobile phone vouchers and other digital vouchers through the TrueMoney mobile wallet application.
Quantifiable outcome
- First sharia-compliant e-money in Indonesia with fastest growth rate (2016)
- +3 more outcomes
Companies that use TrueMoney
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles1 record
TrueMoney technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature6 records
TrueMoney partnerships and signals
Strategic signalPartnerships
16 partnerships are on record, tiered core and minor.
- PCG (Charoen Pokphand Group)corePCG is part of the same CP Group as TrueMoney. Partnership offers business loans for pet shop owners through TrueMoney distribution platform, providing working capital for PCG's pet shop customers.
- ModalkuminorDigital lending platform partner for the business loan product. Modalku is a pioneer digital funding platform for SMEs operating in Indonesia, Singapore, Malaysia, and Thailand with official license from OJK.
- AlfamartcoreMajor retail chain partner providing cash deposit and withdrawal services, and remittance transaction points across Indonesia. TrueMoney users can cash-in, cash-out, and send money at Alfamart locations nationwide.
- AlfamidicoreRetail partner for cash deposit/withdrawal and remittance services similar to Alfamart, expanding TrueMoney's physical service network across Indonesia.
- BNI (Bank Negara Indonesia)coreBank partner for virtual account top-up services, allowing TrueMoney users to reload their wallet balance through BNI bank transfers.
- BTPNminorBank partner for balance top-up and loading services, providing additional channels for TrueMoney users to add funds to their accounts.
- Mandiri (Bank Mandiri)coreBank partner for virtual account services and Mandiri e-Money top-up functionality through the TrueMoney application using NFC technology.
- ALLIANZminorInsurance provider partner offering insurance products through the TrueMoney platform for users.
- Great EasternminorInsurance and financial services partner for distributing insurance products through TrueMoney.
- SmartFrenminorTelecommunications partner for mobile credit sales and joint promotional campaigns including the KEPOin campaign for user acquisition.
- XTRANSminorTransportation and logistics partner for money transfer and payment services.
- UNIPINminorDigital content partner for game voucher purchases and payments through the TrueMoney platform.
- M-CashminorMobile payment and digital wallet partner for additional payment and transaction services.
- OttopayminorPayment service provider partner for merchant payments and QR code transactions.
- PluangminorDigital investment and savings platform partner for expanded financial services offerings.
- CodapayminorPayment gateway partner for digital content and service payments.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
TrueMoney competitors and assessment
Company assessmentMarket position
Competitive moat4 records
Key highlights7 records
Customer concentration
TrueMoney social profiles
Digital presenceTrueMoney compliance and trust
Trust signalCompliance2 records
TrueMoney financial estimates
Financial estimateRevenue estimate
Valuation estimate
TrueMoney leadership team
Management profileNumber of profiles
Profiles1 record
TrueMoney funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TrueMoney M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TrueMoney
What does TrueMoney do?
TrueMoney operates a mobile wallet and electronic money platform that enables users to conduct financial transactions through a smartphone application. The service offers domestic and international remittances (allowing money transfers without a bank account), bill payments, voucher purchases, and a Sharia-compliant e-money product. It operates under a license from Bank Indonesia as an electronic money issuer and fund transfer provider.
Is TrueMoney a public or private company?
TrueMoney is a private company. It is classified as corporate owned and is currently operating.
When was TrueMoney founded?
TrueMoney was founded in 2015. It employs 101 to 250 people.
Where is TrueMoney based?
TrueMoney is headquartered in Bangkok, Thailand, in the Asia region.
How does TrueMoney make money?
Four revenue lines are on record. Transaction Fees are the primary driver. The others are merchant Commission, top-up/Balance Loading Fees and lending Partnership Revenue.
Does TrueMoney have an API?
No public API is recorded for TrueMoney.
What industry is TrueMoney in?
TrueMoney's product category is Mobile Payments. Its primary akta.pro industry code is FSAMAIAG, Multi-Currency Accounts, Wallets & IBAN Services, with a secondary code of FSAMAEAC, QR Code Payments Wallets. Its NAICS code is 5222.