A 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 building an integrated digital payments ecosystem and infrastructure. Initiatives are being taken by the local regulators and industry players to address these challenges. Newly minted regulations places emphasis 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 platforms, 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 areas as well.
This study also briefly analyses growth opportunities in the payments industry, such as within the online payments industry and with regards to 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 Issues Addressed
- What are the trends in the payments industry in Indonesia?
- Who are the key market players and what are their product/service offerings?
- What are the key updates on government regulations and standards for the payments industry in Indonesia?
- What are the growth opportunities for the payments industry in Indonesia?
- What are the key challenges for the payments industry in Indonesia?