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The growing working age group, higher financial inclusion and literacy, and growing internet penetration combined presents a significant opportunity for the payments industry in Indonesia. The industry has recorded positive growth in terms of transaction value from US$ 333 billion in 2013 to an estimated US$ 563 billion in 2019. Growth is especially rapid in the mobile payments segment, where transaction value recorded until September 2019 has already more than doubled compared the transaction value recorded in 2018.
Within ASEAN countries, Indonesia accounted for more than 40% of the population in the region and a third of the region’s annual GDP. However, Indonesia’s mobile payments industry only accounted for 27.6% of the total mobile payments transaction value in the region. This represents a gap and a potential market opportunity that the local regulator together with industry players are actively working to address.
As is, the payments industry in Indonesia is still very fragmented. Although growth prospects for the payments industry in Indonesia are positive, the industry still needs to address various challenges. Majority of the population in Indonesia is still heavily reliant on cash in their daily activities. Many are hesitant to begin using digital payments due to security concerns. Moreover, the country’s large population and geographical spread presents a challenge to build an integrated digital payments ecosystem and infrastructure.
Initiatives are being carried out by the local regulators and industry players to address these challenges. Newly minted regulations emphasize on the interoperability and security of digital payments, thus increasing user convenience and trust. Meanwhile, market players are offering incentives for users to use their payments platform, thus encouraging users to reduce their dependence on cash. Market players are starting to think about strategies to drive adoption beyond major cities and focus on rural as well.
This study also briefly analyses growth opportunities in the payments industry, such as within online payments and with cross-border payments. With the advancement in technology, such as with omni-channel marketing and with the ISO20022 standard, the market will have the capability to provide more innovative solutions to address the challenges and be better able to meet the demands within the market segments.
This study is based on extensive secondary research supported by in depth primary research. Companies mentioned in this study include, but are not limited to 2C2P, Alto, American Express, ATM Bersama, Bank Bukopin, BCA, BNI, BRI, CIMB Niaga, Citi, DANA, Dooet, Doku, Espay, Faspay, GoMobile, Go-Pay, indoPay, iPaymu, iSaku, Jenius, Link, LinkAja, Mastercard, NicePay, OVO, Panin Bank, Paytren, Permata Bank, Prima, Sakuku, Standard Chartered, UnionPay, and VISA.
Countries covered in ASEAN mobile payments market include Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.
Key Questions This Study Will Answer:
1. What are the trends in payments industry in Indonesia?
2. Who are the key market players and what are their product/service offerings?
3. What are the key updates on government regulations and standards for the payments industry in Indonesia?
4. What are the growth opportunities for payments industry in Indonesia?
5. What are the key challenges for payments industry in Indonesia?
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