JAKARTA: Although the past two years have been challenging for businesses across the globe, with many forced to shut down entirely, Malaysia-founded Wallet Codes is transitioning from being a proprietary product under Forest Interactive to establishing itself as a standalone startup operating in seven markets. As part of its expansion, Wallet Codes is also actively raising funds and seeking investors in Southeast Asia.
Wallet Codes is looking to raise up to IDR 30 billion (USD 2.04 million) through Venture Capitalist investors. By 2025, Wallet Codes estimates to reach 70% growth by expanding its market to Mainland China, the United States, Hong Kong, Morocco, and Peru.
Since its inception in 2017, Wallet Codes has grown into a one-stop shop for gamers to purchase affordable in-game currencies such as Mobile Legends Diamonds, PUBG Mobile UCs, and Garena Shells, as well as digital gift cards for iTunes, Netflix, Nintendo, and more.
Wallet Codes has acquired more than 300,000 registered users since, who have performed over 500,000 transactions, and generated US$7.8 million. The platform is highly flexible and adopts localized payment options to keep up with shifting consumer expectations. To serve each regional market, Wallet Codes offers different types of vouchers depending on the demand in each country and connects with both international and local payment gateways, offering convenience and a seamless check-out process.
“While Wallet Codes has been operating as part of Forest Interactive’s product offerings, as of December 2021, we have officially incorporated Wallet Codes as a separate private entity to better fit the fast-paced and ever-evolving gaming industry,” said Sharon Maurenn, CEO of Wallet Codes, who leads the company’s global business operations.“ Our business proposition has shifted slightly since then, as we aim to cater towards a wider audience, as part of an industry striving for a Web3 future.”
The company’s inherently digital and adaptive nature has allowed it to thrive under challenging circumstances through the past few years. This forms a stark contrast to other industries that were hit hard by the COVID-19 pandemic.
Enabling digital entertainment for all
When Wallet Codes was first established five years ago, its mission was simple—to make online purchases easier, convenient, and instant for gamers and digitally savvy users.
Today, the platform allows game publishers and OTT service providers to onboard more than 50 game titles alongside a range of gift cards for gamers and users alike. It also facilitates a hassle-free purchase experience, including faster and safer transactions, through flexible and localized payment options.
One of Wallet Codes’ unique selling points is its loyalty program. Users will receive P Points for every successful transaction. The accumulated points can be redeemed to purchase any vouchers and gift cards on the platform.
Scaling up with B2B partnerships
Apart from its success on the customer-facing front, Wallet Codes has also been scaling its B2B segment by forming key partnerships over the years, primarily with institutions within the fintech and banking industries.
Most recently, Wallet Codes was designated as a digital content partner for Payluy Wallet, the proprietary mobile app of Payluy, a Cambodia-based electronic payment provider that utilizes peer-to-peer technology in its services. Additionally, Wallet Codes has successfully inked a partnership agreement with ABA Bank, a leading private financial institution in Cambodia, to enable payments for several digital vouchers via ABA Mobile.
In Indonesia, Wallet Codes has also partnered up with multiple popular payment gateways, such as DANA, OVO, BCA, LinkAja, GoPay, and Mandiri.
To expand its user base, Wallet Codes Philippines partnered with Globe Telecom for exclusive promotions focusing on Wallet Codes’ newly launched products, including Valorant Points, Discord Nitro gift cards, and other offerings. The exclusive partnership also included Roblox gift cards and PUBG Mobile UCs.
Android app launch and other services
Wallet Codes achieved another milestone in March 2022 when it launched a new mobile app in Taiwan, the platform’s largest user base. Since then, the app has expanded to all Wallet Codes operating markets via Google Play. To protect our users against fraud, the Wallet Codes mobile app in Taiwan also has an OTP verification system enabled for each new sign-up.
Aside from its loyalty reward program, Android availability, daily rewards, and promo code, Wallet Codes also offers live chat support, as well as the latest industry news and insights via its newsletter and blog.
About Wallet Codes
Wallet Codes is a one-stop portal for gamers and shoppers alike to purchase affordable in-game currencies and digital gift cards from world-popular online games, entertainment services and stores such as Mobile Legends, PUBG Mobile, Garena, iTunes, Netflix, Nintendo, and many more.
Featuring more than 50 game titles and gift cards to choose from, Wallet Codes enables hassle-free purchase experiences for users through multiple payment modes, facilitating safe and fast transactions. Every successful purchase enables users to be a part of the P Points loyalty reward program, whereby accumulated points can be redeemed to purchase any voucher and gift card available on the platform. The highlight? There are no expiry dates or required redemption periods.
Since its inception in 2017, Wallet Codes has expanded to seven operating countries across East and Southeast Asia regions including Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Taiwan, and Thailand. Visit wallet-codes.com for more info.
Buy. Redeem. Reward. Repeat.