What MPStore does

MPStore is an Indonesian mobile-first fintech SuperApp operated by PT Mitra Pedagang Indonesia Tbk (publicly listed on the Indonesia Stock Exchange under ticker MPIX since 7 February 2024), serving small and medium traditional retailers (UMKM) such as warung kelontong and minimarkets across Indonesia. The platform was first released as M-Pulsa on the Android Play Store in 2018 for digital airtime top-ups, incorporated as PT Mitra Pedagang Indonesia in 2019, and rebranded to MPStore in 2022 as a comprehensive merchant SuperApp. As of FY2024 the company claimed 1 million+ active merchants (25% YoY growth) and 2 million+ registrations spanning 38 Indonesian provinces.

The platform is built on a proprietary mobile infrastructure that consolidates multiple merchant-facing modules into a single Android application: QRIS Merchant for multi-wallet QR-code payment acceptance (Dana, OVO, GoPay, ShopeePay, LinkAja and major mobile banking), Kasir Digital for POS/inventory management, Kulakan Online for wholesale procurement from authorized distributors (including Indomarco), Produk Digital & PPOB for prepaid airtime, PLN tokens and 500+ bill categories, Mini ATM for banking-agent cash deposit/withdrawal/transfer, Agen Logistik for multi-courier shipping commissions up to 30%, and Jual Di Sekitar for a local proximity marketplace. An AI Commerce suite (Asih AI assistant, AI Create Banner, AI Create Image Background, AI Checkout Miniweb, plus OCR-based smart cashier and sales-data recommendation) is delivered through a branded MPIX.AI stack. Distribution is product-led via Google Play Store self-onboarding (phone number + basic store data, under five minutes), supplemented by WhatsApp inside-sales and a Mitra referral network.

MPStore operates a transaction-fee and commission-led revenue model, monetizing QRIS payment volume (0% below Rp 500,000, take-rate above), margins on PPOB and digital product resale, commissions on Mini ATM and logistics services, and a paid subscription tier above the free Kasir Digital baseline. FY2024 investor disclosures reported Rp 1.49 trillion (~82.9% YoY) in revenue and Rp 2.5 trillion (~65% YoY) in Total Payment Volume against Rp 20.1 million (~8.1% YoY) of net profit. Strategic moves in May 2026, namely the 60% acquisition of Mobile Coin Asia and an MoU with VGreen/VinFast for 20,000 battery-swap stations, signal a pivot toward digital-payments monetization and EV infrastructure verticals.

Name

MPStore

Legal name

PT Mitra Pedagang Indonesia Tbk

Website

https://mpstore.co.id

Company type

Public

Founded year

2019

Operating status

Ipo

Headcount range

11–50 employees

Short description

MPStore is a publicly listed Indonesian mobile fintech SuperApp (PT Mitra Pedagang Indonesia Tbk, IDX: MPIX) serving 1 million+ active UMKM merchants across 38 provinces with QRIS payments, digital POS, wholesale procurement, PPOB, logistics, mini-ATM and AI commerce tools.

Ownership category

akta.pro rank

Product category

UMKM Merchant SuperApp

akta.pro primary industry

QR Code & Alternative In-Store Acceptance (QR, APMs) (FSAMADAH)

akta.pro secondary industries

mPOS & SoftPOS (Tap-to-Phone) Solutions (FSAMADAB), POS, SoftPOS & In-Person Acceptance Infrastructure (FSAGABAO), Alternative Payment Method (APM) Acquiring (e.g., BNPL, wallets, local methods) (FSAMABAL)

Keywords

• Digital payment services
• Mobile point-of-sale
• Bill payment processing
• Wholesale procurement platform
• QRIS payment acceptance

Headquarters

HQ city

Bangkalan

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Marketing or Sales, Operations, Personnel, Infrastructure

Revenue model

1. QRIS Payment Transaction Fees: Merchants accept digital QR payments through MPStore's QRIS infrastructure. The platform earns transaction fees on each payment processed. Zero fee is charged for transactions below Rp 500,000, suggesting a tiered fee model for higher-value transactions.
2. Digital Products (Pulsa, Data, PLN, Vouchers): MPStore acts as a distributor for mobile credit, data packages, electricity tokens, and game vouchers. Revenue is generated through the margin between wholesale purchase price and retail selling price set by merchant partners.
3. PPOB Bill Payment Commission: Merchants process bill payments (BPJS, PDAM, credit installments, taxes) earning commission on each transaction. The platform charges a small admin fee.
4. Kulakan Online (Wholesale Supply Chain): Digital procurement platform connecting merchants with official distributors. Revenue likely derived from margin on wholesale prices or logistics/shipping fees on deliveries.
5. Mini ATM Banking Services: Merchants provide banking services (cash deposit, withdrawal, transfer) at their stores and earn commission per transaction.
6. Logistics Agency Commission: Merchants act as shipping agents, earning commission up to 30% on each shipped package. Revenue is shared between the platform and the merchant agent.
7. Subscription / Premium Features: MPStore offers a free tier with basic features (Kasir Digital gratis) and a paid tier with advanced features for growing businesses. This provides a subscription revenue stream on top of the free user base.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

MPStore is a mobile-first Android SuperApp for Indonesian UMKM merchants that consolidates digital payment acceptance (QRIS), point-of-sale (Kasir Digital), wholesale procurement (Kulakan Online), digital product distribution and bill payments (PPOB), in-store banking (Mini ATM), logistics agency, and a local marketplace into a single application. It is operated by PT Mitra Pedagang Indonesia Tbk (ticker MPIX on the Indonesia Stock Exchange) and serves over 1 million active merchants across 38 Indonesian provinces.

Product overview

MPStore is a SuperApps platform for UMKM (small and medium enterprises) in Indonesia, developed by PT Mitra Pedagang Indonesia Tbk (MPIX). The platform operates as a unified ecosystem combining multiple modules: QRIS Merchant for multi-wallet QR payments, Kasir Digital for POS and inventory management, Kulakan Online for wholesale procurement, Produk Digital & PPOB for airtime/voucher sales and bill payments, Mini ATM for in-store banking services, Agen Logistik for shipping, Jual Di Sekitar for local marketplace, and AI Commerce for AI-powered content generation and customer service. The platform originally launched as M-Pulsa in 2018 (digital pulse/top-up), was incorporated as PT in 2019, rebranded to MPStore SuperApps in 2022, and went public on the Indonesia Stock Exchange (MPIX) in February 2024. As of 2024, the platform serves over 1 million active merchant partners across 38 provinces in Indonesia.

Differentiator

Problem solved

Functional benefit

Products and services

• QRIS Merchant QR code-based payment acceptance service that allows UMKM merchants to receive payments from all major Indonesian e-wallets (Dana, OVO, GoPay, ShopeePay, LinkAja) and mobile banking apps via a single QR code, with real-time settlement and instant notifications.
• Kasir Digital (Digital Cashier) Digital point-of-sale system for recording transactions, automated inventory/stock management, multi-user and multi-branch support, digital and Bluetooth receipt printing, and real-time daily and monthly sales dashboards. Basic tier is free.
• Kulakan Online (Online Wholesale Procurement) Digital wholesale sourcing module connecting UMKM merchants directly to authorized distributors (including Indomarco) at bulk prices, with delivery to the merchant's store within 1-3 business days.
• Produk Digital & PPOB Sales of digital products including prepaid mobile airtime (pulsa), data packages, PLN electricity tokens, and game vouchers, plus processing of 500+ bill payment types (BPJS, PDAM, electricity, phone, credit installments, taxes) with 24/7 processing.
• Mini ATM In-store banking agent service allowing merchants to offer cash deposits, cash withdrawals, inter-bank transfers, and balance inquiries to walk-in customers, earning commission per transaction.
• Agen Logistik (Logistics Agent) Package shipping agent service allowing merchants to accept and ship parcels for multiple courier companies, with free courier pick-up at the store, commission up to 30%, and integrated cashless label printing.
• Jual Di Sekitar (Local Marketplace) Local proximity marketplace feature that automatically displays merchant inventory in a buyer-facing app within a configurable radius, enabling nearby customers to order for delivery or in-store pickup, with inventory synced from the POS system.
• AI Commerce Suite of AI-powered tools including AI Chatbot Customer Service (Asih), AI Create Banner, AI Create Image Background, and AI Checkout Miniweb, designed to help UMKM merchants generate marketing content, product descriptions, and automated customer support from their mobile devices.

Quantifiable outcome

• 82.9% YoY revenue growth in 2024 (Rp 1.49 Trillion)
• +4 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

AI capability8 records

Feature9 records

Partnerships

Four partnerships are on record, tiered core.

• Mobile Coin AsiacoreStrategic or Co-development Partner · 21 May 2026MPIX announced acquisition of 60% stake in Mobile Coin Asia on May 21, 2026. This strategic move enters MPStore into the digital payment ecosystem, enabling monetization of the transaction flow that has been operating within the platform since 2019. This is part of MPIX's long-term business transformation to strengthen its digital ecosystem.
• PT VGreen Global Charging Station Investment Indonesia (VinFast ecosystem)coreStrategic or Co-development Partner · 20 May 2026MPIX and PT VGreen Global Charging Station Investment Indonesia signed a MoU for the development of an electric vehicle ecosystem. The partnership targets 20,000 battery swap stations across MPStore's national property network. Opens potential rental revenue of up to Rp 15 billion per month for the company.
• PT Penyelesaian Transaksi Elektronik Nasional (PTEN)coreTechnology or IntegrationPTEN is the national QRIS clearing and settlement entity. MPStore partnered with PTEN in 2020 to register over 100,000 UMKM merchants for QRIS acceptance, making MPStore a pioneer in QRIS for small merchants in Indonesia.
• Indomarco (Indomarco Prismatama)coreChannel Partner/ Reseller/ DistributorIndomarco is a major Indonesian distributor (through Indomarco Prismatama). MPStore partnered with Indomarco to enable digital wholesale (kulakan) procurement for warung merchants, allowing them to access distributor-priced products via the MPStore app with 1-3 day delivery.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BukuKas: BukuKas is an Indonesian fintech focused on financial management for UMKM, offering bookkeeping, payments and supplier credit. It is highly comparable as a SuperApp-style tool for Indonesian warung and small merchants.
• Jurnal by Mekari: Jurnal (part of the Mekari ecosystem) provides cloud accounting, POS and payment-acceptance tools for Indonesian SMEs. It overlaps with MPStore's digital cashier and inventory/reporting modules for SMBs in Indonesia.
• Qasir: Qasir is an Indonesia-focused QRIS and mobile POS provider serving SMB merchants. It overlaps closely with MPStore's QRIS Merchant and Kasir Digital products for Indonesian retail and F&B.
• Majoo: Majoo is an Indonesian SaaS POS platform targeting SMEs and the F&B/retail sector with cash registers, inventory and payment integrations. It competes for the same Indonesian SMB merchant segment as MPStore.
• Pawoon: Pawoon offers a cloud-based POS and payments platform for SMBs in Indonesia, with QRIS acceptance and digital cashier features that compete directly with MPStore's core Kasir Digital and QRIS offerings.
• Olsera: Olsera is an Indonesian cloud POS and retail-management platform for SMEs, with cash register, inventory and e-payment features. It targets the same SMB retail segment as MPStore's Kasir Digital.
• Moka (GoTo): Moka is an Indonesian mobile point-of-sale and merchant-tools platform owned by GoTo. It directly competes with MPStore's Kasir Digital and QRIS offerings for the same warung and SMB customer base in Indonesia.

Broad incumbents

• Grab Indonesia: Grab offers mobile payments (OVO/GrabPay) and merchant services across Southeast Asia, including Indonesia. It competes broadly in mobile payment acceptance and merchant enablement rather than as a pure QRIS-focused SMB platform.
• GoTo (Gojek/Tokopedia): GoTo operates GoPay, Moka POS and Tokopedia in Indonesia, providing a super-app ecosystem that overlaps with MPStore across payments, merchant tools and small-business services at much larger scale.

Emerging players

• Dana (e-wallet): DANA is a leading Indonesian e-wallet integrated via QRIS for SMB merchants; while more consumer-focused, it overlaps with MPStore's QRIS acceptance and competes for merchant-side dominance on the QRIS rails.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/MPStore-100087175355298
• LinkedInlinkedin.com/company/pt-mitra-pedagang-indonesia-tbk

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MPStore