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, payment options in online trade and significant government frameworks impacting the overall payment card 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.
Key Statistics:
Indonesia Cards and Payments Market – Recent Developments:
In December 2017, the Central Bank of India launched the National Payment Gateway (NPG) to promote cashless payments among its population. This new gateway supports the change of domestic payments by providing conjunction, creating an integrated payment system. It also supports payment cards on other bank devices and improves safety by keeping the transaction data of users secured. This initiative helped in declining the payment card discount rate from 2-3% to 1%. Additionally, debit cards with a national logo have also been launched by the government for local payments.
Supporting its e-money regulation, Bank Indonesia 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, do not fit into this licensing regulation. Related to deposits, unregistered users have a limit of up to IDR 2 million, whereas 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.
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 includes upgraded services to baby boomers
Indonesia Cards and Payments Market – Key Highlights:
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