Indonesia’s card payments value to surpass $57B in three years

Although Indonesia remains heavily cash-reliant, it aims to increase awareness of e-payments among citizens

 

card payments value

Indonesia’s card payments value to surpass $57B in three years. Source: unsplash.com

Card payments value in Indonesia set to increase from $44.5 billion in 2019 to $57.1 billion in 2023, thus reducing cash dependence, GlobalData says.

The central bank of the country ‘Bank Indonesia’ reported that all ATM and debit cards must be migrated to EMV (Europay, MasterCard, and Visa) standard with a 6-digit PIN by 31 December 2021. That would enhance the security of the payment system and boost payment card usage in Indonesia.

The government initiatives, including the introduction of cash transaction limits, launch of branchless banking, electronic payment awareness campaigns and licensing banking correspondents to provide financial access in rural areas all have supported the growth of payments card market in Indonesia
Ravi Sharma, Banking and Payments Lead Analyst at GlobalData

SEE ALSO:

Categories: All materials Fintech News