DOKU Releases Wallet as a Service for E-Wallet Infrastructure Integrationby Fintech News Singapore January 23, 2024
Fintech firm DOKU recently announced the release of its new service, Wallet as a Service (WaaS). This new service provides an e-wallet infrastructure with APIs.
This enables businesses to integrate e-wallet functions within their existing systems, thus allowing customers to use an embedded wallet feature.
The company says this development utilises DOKU’s e-money and e-wallet licenses in compliance with regulatory standards.
Nabilah Alsagoff, Co-Founder and Chief Operating Officer of DOKU commented on the evolution of the service.
“Previously, we used the e-money and e-wallet license from Bank Indonesia for our DOKU e-wallet. WaaS aims to provide businesses in various sectors with a more efficient way to manage their financial operations. It also allows for the easy integration of e-wallet features into existing business applications,”
The service has currently been implemented in collaboration with Tomoro Coffee and Coda, demonstrating its practical application in real-world business settings.
WaaS offers two main features, an e-wallet for businesses and an e-wallet for consumers. The former is designed to aid in managing petty cash within corporate environments, while the latter integrates wallet functionality into a merchant’s app, enabling customers to maintain a balance and make purchases.
For instance, Coda, a digital content marketplace, uses the Embedded Wallet to facilitate transactions for its customers.
DOKU aims to continue developing its e-wallet services to support various industries, leveraging its fintech capabilities to enhance financial operations management.