Indonesia Cards and Payments Market Overview:
Indonesia’s economic growth enhanced employment and household income and propelled a greater number of previously unbanked individuals into the financial mainstream. As more people became aware of the benefits of electronic transactions, the use of cash decreased during the review period. In terms of transaction value, credit transfers dominate Indonesia Cards and Payments industry, yet consumers are gradually adopting payment cards as a payment instrument.
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During the review period (2013-2018), Indonesia’s payment cards market grew in terms of transaction value and volume, registering respective compound annual growth rates (CAGRs) of 8.95% and 15.89%. Owing to government efforts to increase awareness levels with regards to payment cards, bolstered consumer confidence, middle-class population growth and urbanization contributed to their review-period growth.
While the country’s banking infrastructure is well developed in urban areas, it is still to be developed in rural ones. This situation is gradually improving, however, as banks expand their branch networks. The rural population is slowly switching to payment cards, although this is mainly for cash withdrawals at present.
Banks are migrating to EMV standards in order to enhance security. The central bank mandated banks to replace their magnetic strip ATM and debit cards with EMV cards.
Banks and card issuers in Indonesia have introduced contactless technology to increase their levels of consumer convenience. Banks are making concentrated efforts to establish the required infrastructure for contactless technology through which consumers can make purchases at POS terminals via their mobile phones.
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Prepaid card market presents a significant growth opportunity
As more consumers are using prepaid cards to undertake daily transactions, issuers are looking to introduce new prepaid card variants into the market. The range of products has also been expanded to include e-toll, rail, fuel and gift cards. Jakarta Bank offers the jakCard which can be used to pay for public transport in Jakarta. Similarly, Bank Mandiri offers three prepaid cards: Indomaret Card, GazCard, and E-Toll Card. These cards can be used for road tolls and gas payments, and at 870 merchants in Indonesia
List of Companies mentioned in Indonesia Cards And Payments Market report are:
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