Thursday, July 7, 2022

Kinerjapay Corp (OTCMKTS:KPAY) Struggling To Hold Gains

Kinerjapay Corp (OTCMKTS:KPAY) is the latest one-day wonder in the crypto and digital currency space. The company, which frames itself as a digital payment and ecommerce platform, just posted quarterly transactional revenue of US$1.76 million, an 1,183% increase as compared to revenue of US$148,748 recorded in the previous quarter.
Just the mere mention of “digital currency” in the company’s materials suggest that the root of the breakout is likely traders picking the name as a crypto play. This is a stock with a float of just 3.2 million shares, so any type of catalyst is likely to have repercussions that don’t add up to a fun time for shorts. And the company did recently discuss ecommerce expansion with “multiple payment forms” likely merged into a single platform. That suggests it would be oh-so-easy to extend the story in the crypto space.
Kinerjapay Corp (OTCMKTS:KPAY) bills itself as a company that entered into a license agreement on December 1, 2015, with PT Kinerja Indonesia, an Indonesia entity controlled by Mr. Edwin Ng, our Chairman, CEO and control shareholder.
Under the license agreement, the Company was granted an exclusive, world-wide license to use and commercially exploit the KinerjaPay IP and its website, KinerjaPay.com, an e-commerce platform that provides users with e-wallet service for bill transfer and online shopping and is among the first portals to allow users to top-up phone credit. On December 1, 2016, we announced the launch of a new dedicated marketplace, http://www.kinerjamall.com as part of our plan to establish KPAY as a leader in the growing e-commerce industry in Indonesia and SE Asia which represent a largely untapped opportunity.
KPAY has launched KinerjaMall with additional features such as KinerjaGames and KinerjaTravel, to be launched shortly. KPAY recently reported that transaction volume in this quarter has more than doubled, to more than 70,000 transactions as compared to 29,321 in the first quarter of 2017, signifying the increasing popularity of the platform with users.
The Company also continues to demonstrate growth in the number of users depositing funds through the platform, with approximately 2,600 deposits in the quarter as compared to 1,133 deposits in the first quarter.
According to company materials, “KinerjaPay enables consumers to ‘Pay, Play and Buy’ through its secure web portal and mobile applications. Based in Indonesia, the Company provides easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company’s services are available through its mobile applications and on its website at http://www.kinerjapay.com.“
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“We executed well in the third quarter with strong results across the business, and we’re on track for a record year. As more consumers and businesses link to our products and services, we become a natural ecommerce solution for both parties. Our results this quarter reflect the trust customers are placing in the KinerjaPay platform,” said Edwin Ng, Chairman and Chief Executive Officer at KinerjaPay Corp.
Mr. Ng went on to say “From a marketing standpoint, strong execution and demand for our phone top-up and data plan services drove more than 410,000 transactions and 10,962 new users, as compared to 115,000 transactions and 6,904 new users in the same quarter last year. Average revenue per transaction is also growing from US$3.34 last year to US$4.38 this year. Looking forward, we will continue drive innovation, productivity and market penetration to accelerate growth while further expanding our profit margins. Our momentum is a result of investments in fantastic people, product and partnerships.”
Currently trading at a market capitalization of $28.1M, KPAY has virtually no cash on the books, which stands against virtually no total current liabilities. KPAY is pulling in trailing 12-month revenues of $1.9M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 1085.6%. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $KPAY stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $KPAY, either long or short, and we have not been compensated for this article.

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