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Payments in Indonesia 2017: What Consumers Want?
Thursday, October 12, 2017

NEW YORK, Oct. 12, 2017 /PRNewswire/ --

Summary
Cash remains the predominant payment instrument in Indonesia - especially among the rural population - accounting for 98.4% of the total volume of payments in 2017. This is primarily due to low awareness of electronic payments, a high unbanked population, and limited access to banking infrastructure. The modernization of the country's payments infrastructure with the introduction of the National Payments Plan, the transformation of cards to incorporate EMV technology, and the National Non-Cash Movement will support the transition to non-cash payments.



Read the full report: https://www.reportlinker.com/p05142356



Debit cards remain the preferred payment cards among the Indonesian consumers. However, their usage is mostly restricted to ATM cash withdrawals, with its frequency of use 9 times that of POS transactions. This is primarily because both consumers and merchants prefer the use of cash. However, with ongoing efforts by the government to enhance the POS infrastructure and card acceptance, the number of POS transactions has increased.

Indonesian e-commerce market rose to IDR144.2tn ($10.7bn) in 2017, supported by a growing young population, and an increasing presence of online retailers. The market is forecast to register a CAGR of 23%, which is the third highest compared to its peers - Pakistan (33%), India (24%), Vietnam (22%), the Philippines (21%), Thailand (17%), Malaysia (15%), and China (11%). This suggests there is a significant growth potential in the Indonesian e-commerce market.

The report "Payments in Indonesia 2017: What Consumers Want?", examines the consumer payments market in Indonesia. The report analyses payment cards, online payments, P2P payments, as well as newer payment technologies such as mobile wallets and contactless cards.

Specifically, this report -
- Analyzes consumer attitudes to financial services by lifestage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Indonesia are deploying these tools to meet customer needs.
- Explores the online payment market in Indonesia by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.

Companies mentioned in this report: Bank BRI, BNI, BCA, Bank Mandiri, CIMB Niaga, Bank Mega, Visa, Mastercard, American Express, JCB.

Scope
- Debit cards remain the preferred payment cards among Indonesian consumers. However, usage is mostly restricted to ATM cash withdrawals, with frequency of use at 9 times that of POS transactions. This is primarily because both consumers and merchants still prefer the use of cash. However, with ongoing efforts by the government to enhance the POS infrastructure and card acceptance, the number of POS transactions has increased.
- To bring a larger part of the population under the purview of the formal banking system, the central bank has taken a number of initiatives. The central bank introduced a national strategy for inclusive finance (SNKI) in November 2016, with the aim of increasing financial access to small business players such as farmers, fisherman, laborers, and SMEs.
- The central bank is also enhancing the security of payment systems and has mandated the migration of all payment cards to EMV standards by December 31, 2021. Similarly, as of July 1, 2017 the central bank has mandated the adoption of six-digit PINs for debit and ATM cards, instead of four-digit PINs.

Reasons to buy
- Understand the key facts and figures in the consumer payments market in Indonesia.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in the Indonesian market and use this knowledge to inform product design.

Read the full report: https://www.reportlinker.com/p05142356

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

https://www.reportlinker.com


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View original content:http://www.prnewswire.com/news-releases/payments-in-indonesia-2017-what-consumers-want-300536159.html

SOURCE Reportlinker



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