RIM Announces BBM Money: Peer-to-Peer Payments Coming to Indonesia
BlackBerry-maker RIM (Research In Motion) has officially unveiled BBM Money, a new peer-to-peer payment service integrated directly into its BlackBerry Messenger (BBM) platform. The service will debut in Indonesia “shortly,” marking a strategic move to capitalize on the country’s strong BlackBerry user base.
Key Features of BBM Money
- Instant Transfers: Send money directly to other BlackBerry users via BBM.
- Bank Withdrawals: Recipients can withdraw funds via ATMs.
- Local Focus: Initially launching in Indonesia, where BlackBerry holds a dominant market share.
Why Indonesia First?
Indonesia represents a critical market for RIM, with 56% smartphone market share (as of October 2012). While Android is gaining traction (52% adoption), BBM remains deeply ingrained in Indonesian digital culture, often used to facilitate informal transactions.
Strategic advantages include:
- High BlackBerry adoption rates
- Existing BBM usage for commerce and peer-to-peer coordination
- Opportunity to differentiate from compe*****s like iMessage and WhatsApp
A Logical Evolution for BBM
RIM CEO Thorsten Heins hinted at BBM’s financial potential earlier, stating the platform could extend beyond messaging to “transacting money.” BBM Money aligns with this vision, offering:
- Enhanced Utility: Turns BBM into a payment tool, not just a chat app.
- Competitive Edge: Stands out against rival messaging services.
- Localized Innovation: Follows RIM’s trend of testing Indonesia-first features (e.g., WSJ’s localized BB app).
Global Expansion Potential
While launching in Indonesia, RIM may expand BBM Money to other markets if successful. The service’s scalability depends on:
- User adoption rates
- Regulatory compliance in new regions
- Integration with local banking systems
What’s Next?
RIM has not confirmed if BBM Money will tie into the BlackBerry 10 launch in early 2013. The company provided a vague statement emphasizing its focus on “evolving BBM” but withheld specifics on timing or additional features.
Updates will follow as RIM shares more details.
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