Honest Card Explained

Company Name:	PT Honest Financial Technologies
Company Type:	Financial services
Foundation:	Jakarta, Indonesia (2022)
Key People:	Dharu Estiningrum (President Director)
Parent:	Honest Financial Technologies International Pte. Ltd.
Homepage:	www.honest.co.id

PT Honest Financial Technologies (Honest Card) is a financial technology company based in Jakarta, Indonesia. The company launched the Honest credit card in Indonesia in April 2023.^[1]

As of May 2024, the company has successfully attracted more than 1 million users on Google Play Store Indonesia.^[2]

History

In 2021, the company secured its Series A funding of US$ 19.7 million from several investors, including Village Global and Bank Permata. At the same time, the company also obtained a credit card issuing license in Indonesia. The following year, Honest received approval from the Financial Services Authority (OJK) as a financing company with license number KEP-170/NB.11/2022.^[3]

Products and Services

The Honest credit card offers various features, including:

• Numberless credit card. Honest offers a numberless credit card to enhance transaction security.^[4] Users can access credit card information, including the number, through the Honest app using biometric authentication such as fingerprint or face recognition.^[5]
• Tap to Pay. Honest is the first credit card in Indonesia to offer the Tap to Pay feature.^[6] Tap to Pay is a payment technology using Near Field Communication (NFC). With this technology, users simply tap their Honest physical card or Honest app on EDC machines to make payments.
• Transparent fees. Honest Card offers credit cards with transparent fee components based on each user's transaction frequency and value. This is aimed at improving users' financial literacy while helping them manage their finances.
• Real-time notifications. Equipped with the Honest App, transactions using the Honest credit card enable users to receive real-time notifications.^[7]
• Credit limit. Honest card offers flexible credit limits of up to 100 million rupiah.
• Accepted worldwide. Honest Card partners with the Mastercard payment network, making it usable at 90 million merchants worldwide.^[8]

Notes and References

1. Web site: Honest Card Targetkan 100 Ribu Pengguna Tahun Ini. Infobanknews. 15 June 2023 . 10 October 2024.
2. Web site: Usai Aplikasinya Diunduh Lebih dari 1 Juta Pengguna, Honest Bank Kembali Menerima Pendanaan. Techverse.Asia. 27 October 2024.
3. Web site: Laporan Keuangan PT Honest Financial Technologies. Website-Files. 10 October 2024.
4. Web site: Honest Card: Keamanan Transaksi. Republika. 10 October 2024.
5. Web site: Honest Card: Fitur Keamanan. Kontan. 10 October 2024.
6. Web site: Honest Card: Tap to Pay. Youngster. 10 October 2024.
7. Web site: Honest Card: Real-time Notification. Warta Ekonomi. 10 October 2024.
8. Web site: Honest Card: Kerjasama dengan Mastercard. Kompas. 10 October 2024.