Indonesia Cards and Payments – Opportunities and Risks to 2028

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Indonesia Cards and Payments Market Report Overview

The annual value of card transactions in the Indonesia cards and payments market was $71.8 billion in 2023. Indonesia’s payment card landscape is experiencing growth, bolstered by efforts from both the government and financial institutions, thereby driving the market to grow at a CAGR of more than 10% during 2023-2027.

Indonesia Card Transactions Outlook, 2023-2027 ($ Billion)
Indonesia Card Transactions Outlook, 2023-2027 ($ Billion)Buy the Full Report for More Information on the Indonesia Cards and Payments Market Forecast Download a Free Sample Report

The Indonesia cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Indonesia cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.

Annual Card Transactions Value (2023) $71.8 billion
CAGR (2023-2027) >10%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·       Cards

·       Credit Transfers

·       Direct Debits

·       Cash

·       Cheque

Key Segments ·       Card-Based Payments

·       E-commerce Payments

·       In-Store Payments

·       Buy Now Pay Later

·       Mobile Payments

Leading Players ·       Visa

·       BRI

·       Bank Mandiri

·       BCA

·       Bank ICBC Indonesia

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Indonesia Cards and Payments Market Dynamics

Indonesia remains a cash-based economy. To promote non-cash payments, the government is taking steps to increase the adoption of contactless payments in various sectors including retail, restaurants, and transport. This in turn will support the growth of the country’s payment card industry. One such initiative is the launch of a contactless non-cash toll payment system, Multi-Lane Free Flow, which was first introduced on the Bali Mandara toll road in March 2024. This enables commuters to make contactless payments using a dedicated prepaid card.

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Indonesia Cards and Payments Market Segmentation by Payment Instruments

Cash held the highest transaction volume in the Indonesia payments space in 2023

The key payment instruments in the Indonesian cards and payments market are cards, credit transfers, direct debits, cash, and cheques. Indonesia is a cash-based economy, with the preference for cash deeply rooted among consumers. This is mostly due to consumers’ traditional preference for cash and the country’s high unbanked population.

Indonesia Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

Indonesia Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

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Indonesia Cards and Payments Market Segments

Debit cards dominated the payment card market in 2023

The key segments in the Indonesian cards and payments market are card-based payments, e-commerce payments, in-store payments, buy now pay later, mobile payments, P2P payments, bill payments, and alternative payments among others.

Card-Based Payments: Among cards, debit cards were the most popular in 2023. The number of debit cards is estimated to rise in 2024 mainly due to an increase in the banked population and the introduction of GPN. However, the use of debit cards is still largely limited to ATM cash withdrawals.

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Indonesia Cards and Payments Market - Competitive Landscape

A few of the leading players in the Indonesia cards and payments market are:

  • Visa
  • BRI
  • Bank Mandiri
  • BCA
  • Bank ICBC Indonesia

The debit card market is concentrated. Card issuers offer low-cost bank accounts to drive uptake among mass-market customers. For instance, Bank Mandiri offers TabunganKu accounts: low-cost basic savings accounts with an ATM or debit card, no administration fees, and a low minimum opening balance requirement.

Indonesia Cards and Payments Market Analysis by Players, 2023
Indonesia Cards and Payments Market Analysis by Players, 2023Buy the Full Report to Know More about the Players in the Indonesia Cards and Payments Market  Download a Free Sample Report

Indonesia Cards and Payments Market – Latest Developments

  • BNPL is gradually gaining traction in the country. To capitalize, in October 2023, BCA introduced BCA Paylater.
  • In May 2023, the central bank launched the KKI domestic credit card scheme KKI to challenge the likes of Visa and Mastercard. KKI cards are available in digital and physical formats.

Segments Covered in the Report

Indonesia Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cards
  • Credit Transfers
  • Direct Debits
  • Cash
  • Cheque

Indonesia Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • Merchant Acquiring
  • E-commerce Payments
  • In-Store Payments
  • Buy Now Pay Later
  • Mobile Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments

Scope

  • Indonesia’s payment card landscape is experiencing growth, bolstered by efforts from both the government and financial institutions.
  • International scheme providers dominate the credit and charge card market. However, in May 2023, the central bank launched the KKI domestic credit card scheme KKI to challenge the likes of Visa and Mastercard. KKI cards are available in digital and physical formats.
  • The central bank and the government are taking steps to promote financial inclusion and bring the unbanked population into the formal banking system. One such initiative is the KEJAR program (One Student One Account) launched in 2019, which aims to ensure every student in the country has a bank account. 83.2% of students had opened a bank account as of June 2023; a target of 87% has been set for the end of 2024.
  • Indonesia remains a cash-based economy. To promote non-cash payments, the government is taking steps to increase the adoption of contactless payments in various sectors—including retail, restaurants, and transport. This in turn will support growth of the country’s payment card industry. One such initiative is the launch of a contactless non-cash toll payment system, Multi-Lane Free Flow, which was first introduced on the Bali Mandara toll road in March 2024. This enables commuters to make contactless payments using a dedicated prepaid card.

Reasons to Buy

  • Make strategic business decisions, using top-level historical and forecast market data, related to the Indonesiacards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Indonesia cards and payments industry.
  • Assess the competitive dynamics in the Indonesia cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Indonesia.
  • Gain insights into key regulations governing the Indonesia cards and payments industry.

BRI
BNI
Bank Mandiri
BCA
Maybank
CIMB
Bank Danamon Indonesia
United Overseas Bank
Bank Mega
GPN
Mastercard
JCB
Visa
American Express

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Merchant Acquiring

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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