How Audio Payment can Help Reach Financial Inclusion Goal

What does Indonesia‚Äôs Financial Inclusion mean? 

Financial inclusion has been a priority target for Indonesian government for years. The goal is everybody to have access to financial institutions, services, and products according to their needs easily.

President Joko Widodo has signed a decree number 82 in the year 2016 about National Strategy of Financial Inclusive or Strategi Nasional Keuangan Inklusif (SNKI) to accelerate economic growth and reduce wealth gap between individuals and municipals. 

Financial Technology or FinTech has significantly helped accelerate financial inclusive goal by introducing digital services that are available quick. According to lifepal, in 2019, OJK estimated that Indonesia was only at 67.8% financial inclusive, fell short from the 75% target by end of 2019.

FinTech Landscape and Mobile Network Coverage

Aggressive FinTech market penetration to capture wider user base to reach is the most logical next step to take in order to reach SNKI goal as soon as possible. Unfortunately, FinTech products cannot grow by itself because it is highly dependent with ICT growth such as 4G and/or 5G mobile networks and broadband connection. A report at the end of 2019 by OpenSignal, 4G coverage in Indonesia is sitting at 86%; thus, FinTech penetration require additional channel to grab potential users that are not covered by existing ICT.

Hardware Specification Availability

Another limiting factor is that FinTech programs are often have a minimum hardware requirement to operate. This may not be an issue for users in tier-1 cities as most of the users have already met the minimum requirements (i.e. mid to high-end smartphones). According to DeviceAtlas, close to 50% of smartphones in Indonesia can be categorized as lower-end hardware: RAM size <= 2GB. 

This number is significantly disproportional on rural areas where majority users are using low-end smartphones; as a result, running complex applications is a challenge for them. Therefore, a very thin application with less resources to enable transactions on a no-frill smartphones has become a requirement.  

Sonicboom can help to achieve greater financial inclusion.

Sonicboom developed a nearby communication using patented audio technology or Sonic Tone. One of the key features of Sonic Tone is the ability to do two-way P2P secure transaction within devices without using mobile network (i.e. offline transaction). It is friction-less and quick without the need of pairing or toggling any module such as Bluetooth, WIFI, or NFC. 

Sonic Tone nearby offline transaction uses audio signals that only requires microphone and speaker to work, which should be available by default on all phones. Our tone simply works on any smartphones including no-frill low-end smartphones that can potentially help pushing greater financial inclusions for wider user base.

If you would like to learn more about what Sonicboom Nearby Communication can do, you can contact us at

Written by:
Adrian Sugandhi
CEO & Co-Founder
Sonicboom Indonesia

Add a Comment

Your email address will not be published. Required fields are marked *