Market Data Forecast’s "Indonesia Cards And Payments Market" report offers a distinct range of possibilities in the market of payment cards along with the accurately validated statistics of operational cards in the market and their total transactional values. It suggests profitable marketing strategies considering the competitive landscape in the market, purchase trends, payments options in online trade and significant government frameworks impacting the overall payment cards market of Indonesia.
Our report kindles the hidden opportunities with dependable information about different types of cash transactions, volumes of cardholders, market proportion, current accounts, increase within the number of cards, credit cards outstanding balances, transactional values, details of the issuers at the side of available banking schemes and futuristic analysis of overall cards and payment marketplace in Indonesia.
Indonesia Cards and Payments Market – Recent Developments:
In December 2017, the central bank of India launched the National Payment Gateway (NPG) to promote the cashless payments among its population. This new gateway supports the change of domestic payments by providing a conjunction, creating an integrated payment system. It also supports payment cards on the other bank devices and improves safety by keeping the transaction data of users secured. This initiative helped in declining the payment cards discount rate from 2-3% to 1%. Additionally, debit cards with a national logo have also been launched by the government for any local payments.
Supporting its e-money regulation, Bank Indonesia has approved 20/6/PBI/2018 regulation on May 7, 2018, which mandated the receipt of a license from the central bank to perform any activities related to e-money. However, the closed-loop e-money providers with rotating funds of less than IDR 1 billion, does not fit into this licensing regulation. Related to deposits, unregistered users are having a limit up to IDR 2 million, where the registered have IDR 10 million. The maximum value for e-money transactions was restricted to IDR 20 million. IDR 3 billion was set as the minimum capital needed for e-money users that can be increased to IDR 10 billion, based on the issuer maintained floating funds.
The electronic payments in Indonesia are expected to witness rapid growth with the advent of mobile-only banks. Digibank, a mobile-only bank introduced by DBS bank of Singapore in August 2017, allows customers to open bank accounts by giving their biometric scans. This service enables the customer to monitor their transactions, transfer money and withdraw cash without any administration fees. Similarly, United Overseas Bank (UOB) confirmed its plans to introduce its own digital bank in the country on August 2018. The bank plans to offer two different services, where one will be the digital bank app for Gen Z and millennials, while the other included upgraded services to baby boomers
Indonesia Cards and Payments Market – Key Highlights:
The migration of payment cards to secure EMV chip cards and the use of six-digit PIns in the place of the four-digit PIN for debit cards and credit cards as the government mandate to increase the security of using payment cards under the supervision of Bank Indonesia.
Contactless payments are slowly gaining prominence in the market with the introduction of Visa PayWave allowing customers to make transactions up to IDR 1 million ($74) without the PIN. Other banks like Bank CIMB Niaga, Bank Tabungan Pensiunan Negara, UOB Indonesia, and Bank Mandiri also adopted this technology.
Mobile payments are rising in the country, and several domestic banks are launching their own mobile applications. For instance, Sakuku mobile wallet by Bank Central Asia, Straight2Bank wallet by Standard Chartered and Rekening Ponselc mobile wallet by CIMB Niaga Bank.
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Indonesia Cards and Payments Market