According to an earlier survey by MarkPlus, ShopeePay captured with 26% the highest market share between June and September. Secure .gov websites use HTTPS Go-Pay, described above, is likely the most advanced e-money payments system in the country right now. Trailing far behind were other application-based digital wallets such as Go-Jek Indonesia's Go-Pay (23 percent), Emtek Group's and Ant Financial's DANA (6 percent) and state-controlled lenders' LinkAja (1 percent). A JP Morgan report on Indonesia's e-commerce insights in 2019 explains that the e-commerce market growth in Indonesia will be driven by its youthful population, where the average age of the country’s population is just 30.5 years. Indonesia’s e-wallet race is heating up. Based on this information GoPay remained the leading e-wallet in Indonesia in terms of gross transaction value with close to 61% market share in 2019. In Indonesia, the largest digital transactions are coming from retail (28%), online transportation (27%), food order (20%), e-commerce (15%), and bill payments (7%). The top 5 e-Wallet platforms in Indonesia based on the number of monthly active users between 2017-2019 were GoPay, OVO, DANA, LinkAja, and Jenius. Currently there are seven banks in Indonesia that are categorized as “BUKU 4”: BNI, Mandiri, BRI, BCA, CIMB Niaga, Bank Danamon and Bank Panin for cross border e-Wallet through Bank of Indonesia. The MRFR report on global e-wallet market has estimated a growth rate of 15% by the end of 2023. This has offered market players a new way to reach unbanked & underserved customers in remote areas. A list of the most popular web browsers can be found below. U.S. Department of Commerce E-Wallet Indonesia: iPrice Group collaborated with App Annie, an app market data and insight company, to summarise updates on e-wallet app platforms in Indonesia from Q2 2019 until 2020. Share sensitive information only on official, secure websites. According to a study conducted in 2018. the market size of e-Wallet in Indonesia in 2018 amounted to 1.5 billion U.S. dollars. Merchants claim that cashback promos, which range between 20 to 40%, also can help increase their sales. Between 2017 and 2018, digital consumers in Indonesia grew from 64 million to 102 million, 53 percent of the total population in Indonesia, according to a recent study done by Facebook in collaboration with Bain & Company. This shows that a growing number of players is trying to benefit from e-wallet transactions, which were already valued at $1.5 billion in 2018, according to the joint study. The developments bode well for Indonesia’s move toward a cashless society, which started many years ago. The market is also driven by favorable government initiatives. Percentage Market Share. AliPay is set to partner with Bank of Mandiri and BRI but have not yet received approval from Bank of Indonesia. 62.05 %. The top-five e-wallet mobile applications in Indonesia based on the number of monthly active users between 2017 until 2019 were Gojek, OVO, DANA, LinkAja and Jenius, according to a joint study between iPrice Group and App Annie. Operating System Market Share in Indonesia - December 2020. According to Haryopratomo, Go-Pay is currently the country's market leader in the e-wallet space, where online credits can be used for in-app purchases of … 5.21 %. Washington, DC 20230, Official Website of the International Trade Administration, Comply with U.S. and Foreign Export Regulations. Digital payments are trending upward in Indonesia. A locked padlock ) or https:// means you’ve safely connected to the .gov website. SHARE. E-WALLET BY YOUTH IN INDONESIA. E-wallet was a $1.5 billion business in Indonesia last year and its value will reach $25 billion by 2023, according to a recent report from Bengaluru-based research firm Redseer. The latest data from BI recorded 41 licensed e-money platforms as of February 2020, up from 38 last year. Growth of the market for fintech products in Indonesia shows an upward trend, evidenced by increases both in terms of transaction value and the number of startups. "A significant chunk of the market growth will be driven by unbanked consumers," the research firm said. 1.Go-Pay. The motor insurance has amounted 18.67 trillion IDR (1.2 billion USD) premiums in 2018 with a significant market share of 29% in the overall non-life sector. OVO’s steady growth has largely been backed by its partnership with Grab, Southeast Asia’s largest ride hailing service and Tokopedia, the dominant player in Indonesian online e-commerce market. (ydp), Illustration of e -wallet, mobile payment. the relevant company’s share capital. E-money transactions reached Rp 15.8 trillion (US$1.1 billion) in January this year, close to tripling last year’s Rp 5.8 trillion transactions, according to BI data. Ipsos Media, a market research firm, found that Gojek’s GoPay has the highest market share of 60%, followed by Ovo, an affiliate of Indonesian … It takes our newsroom weeks - if not months - … Electronic money or e-Wallet payments are the most popular form of fintech service in Indonesia, followed by web-based investment and pay-later services. (Shutterstock/Paisit Teeraphatsakool), Fintech payments triumph as GoPay, OVO dominate scene, Indonesia air traffic forecast to fully recover in 2026, Truth or dare? Digital payments in Indonesia are becoming more popular by the day, with more than 90 percent of the 264 million people in the country owning cell phones. Among the most common services for e-Wallet apps are offline transactions, e-commerce payments and public transportation. Most of them are nonbank players. The study, which involved 1,800 respondents across six major cities in Indonesia in May, showed that 58 percent of them answered OVO as their favorite digital payment application. Here are some of the major players currently fighting for mobile wallet market share in Indonesia. Historically, the Indonesia Stock Market (JCI) reached an all time high of 6693.47 in February of 2018. E-money transactions reached Rp 15.8 trillion in January of this year. Berdasarkan data dari Bank Indonesia, sudah ada 38 e-wallet yang mendapatkan lisensi resmi. With advanced technologies hitting the market, the e-wallet industry is looking forward to new, interesting trends in the future. A report by research and advisory firm RedSeer suggests mobile wallets are a fast-growing fintech field in Indonesia. There are some foreign e-Wallet players who have shown an interest in the Indonesian digital payment market. Here are the main players. Out of the total 264 million population, internet penetration amounted to 32.3 percent and 40 percent for smartphone penetration, another contributing factor in the growing adoption of digital payments. E-wallet success in Indonesia. Read also: Fintech payments triumph as GoPay, OVO dominate scene. Such growth was encouraged by Indonesia’s regulatorFinancial Services Authority (OJK) in a bid to improve the country’s economic development, as three-quarters of 260 million Indonesian people reportedly still have no access to adequate financial services. Electronic money transactions in Indonesia’s retail market rose by 173% in January 2020 from a year earlier, with nonbank fintech dominating the scene as Indonesia works its way toward a cashless environment. Foreign-invested e-Wallet platforms are required to use Indonesian currency with QRIS and they also have to meet Standardization of Open Application Programming Interface. Indonesia is seeing exponential growth in mobile payments spurred by a robust fintech landscape, though usage remains uneven and limited . A lock ( However, while Go-Jek has not provided market share figures for Go-Pay, it has suggested in the past that Go-Pay is “far ahead of the competition as Indonesia’s leading payments platform.” Financial Times research from last year appears to confirm Go-Jek’s claim, as it shows that almost 75 percent of survey respondents named Go-Pay as the mobile payments service they use most often. External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. 17 ‒© Ipsos | Doc Name 60% 51% 53% 55% 28% 31% 30% 28% 8% 12% 11% 4% 6% 6% 6% First Time Used Ever Used Repertoire Main [Most Often Used] Gopay OVO Dana LinkAja GOPAY HAS THE LARGEST MARKET SHARE … The JCI increased 107 points or 1.79% since the beginning of 2021, according to trading on a contract for difference (CFD) that tracks this benchmark index from Indonesia. In 2014, the central bank initiated the national noncash movement (GNNT) as Indonesia eyed becoming Southeast Asia’s digital hub. TEMPO.CO, Jakarta - Bank Indonesia (BI) has rejected recent media reporting on ‘BI rank data’ release which suggests OVO market leadership in the national digital wallet (e-wallet) in Indonesia. According to the decree, foreign e-commerce companies with … Electronic money or e-Wallet payments are the most popular form of fintech service in Indonesia, followed by web-based investment and pay-later services. Total e-wallet size in Indonesia likely to hit $15 billion by 2020 By Leo Timones. Electronic money transactions in Indonesia’s retail market rose by 173% in January 2020 from a year earlier, with nonbank fintech dominating the scene as Indonesia works its way toward a cashless environment. In 2016, Widodo issued presidential decree No. Facing a Foreign AD/CVD or Safeguard Investigation. E-Wallet apps owned by internet-based companies have increased by 50% in the past two years. For instance, the Government of India has set a target of 40 billion digital … Indonesia Mobile Wallet and Payment Market Opportunities 2018-2025 Featuring Go Pay, Grab Pay, T-Cash, Alipay, Mandiri e-Money, & Finpay Jakarta, CNBC Indonesia - Persaingan dompet digital (e-wallet) semakin sengit saja. DANA was introduced in 2018 and managed to boost its popularity and replace LinkAja in third position in Q2 2019. Three out of the top 10 most popular e-Wallet apps are owned by banks, namely Jenius from BTPN, Go Mobileby CIMB from CIMB and Sakuku from BCA. Markets ; Free newsletter; Free newsletter Subscribe. Number of e-wallet instruments overtook other card based instruments in 2018. The International Trade Administration, U.S. Department of Commerce, manages this global trade site to provide access to ITA information on promoting trade and investment, strengthening the competitiveness of U.S. industry, and ensuring fair trade and compliance with trade laws and agreements. Just click on the icons to get to the download page. A .gov website belongs to an official government organization in the United States. This shows that a growing number of players is trying to benefit from e-wallet transactions, which were already valued at $1.5 billion in 2018, according to the joint study. With the growth of digital consumers, online shopping is predicted to increase 3.7 times from USD 13.1 billion in transactions in 2017 to USD 48.3 billion in 2025. Around 38 e-wallet apps are currently registered at Bank Indonesia. In 2015, the Indonesian government introduced a three-hour investment registration service, which reduced business registration time from 21 days to three hours to attract more foreign companies to the Indonesian market. Jokowi vows to collect elusive Rp 110 trillion in debt, Earthquake of magnitude 6 strikes Nias region: EMSC, China's March exports to North Korea spike to six-month high, Macron urges law change after Jewish woman's killer avoids trial, Citibank Indonesia sells its consumer banking arm, In Indonesia, race for local COVID-19 vaccine faces same old problems, Myanmar shadow government wants seat at ASEAN crisis talks, Challenges of home learning during a pandemic through the eyes of a student. With the growth of digital consumers, online shopping is predicted to increase 3.7 times from $13.1 billion in transactions in 2017 to $48.3 billion in 2025, the study says. Foreign Direct Investment Attraction Events, Services for U.S. Companies New to Exporting, Services for U.S. Companies Currently Exporting. Indonesia, often referred to as an “underbanked” nation, is changing as e-wallets are bringing more financial options and security to the region.The top applications offer a plethora of conveniences, but more so, they have integrated with other companies to provide customers with additional services. Electronic money (e-money) transactions in Indonesia’s retail market skyrocketed by 173 percent in January from a year earlier, with nonbank fintech dominating the scene as the country works its way toward a cashless society, the central bank says. Gojek has raised a total of US$4.5 billion in funding from investors including Visa, Google, Tencent, JD, Mitsubishi, KKR, Warburg Pincus, and Temasek. Pada tahun 2018, transaksi e-wallet di Indonesia mencapai angka USD1.5 miliar dan diprediksikan akan meningkat menjadi USD25 miliar pada tahun 2023. Windows. “The possibility, if we look [ahead], is that the players change, from banks to nonbanks for the retail [market],” Destry added, explaining how Indonesia’s consumers were moving away from ATM and debit cards as payment options. Though actual transaction data is rarely communicated, the startup’s founder Nadiem Makarim dropped some hints about its usage. 1. The mobile payment industry in Indonesia is expected to record a CAGR of 20.8% to reach US$ 106,908.5 million by 2025. Indonesian consumers are very receptive to new products in the digital economy. WeChat Pay is partnering with CIMB Niaga and early in January 2020 received a preliminary license from Bank of Indonesia to do operation in Indonesia. The central bank denied recent media coverage, stating it never issued such a report. It’s integrated into the Go-Jek app. According to a report by meta-search website iPrice Group, the total value of … Samsung Electronics Indonesia teamed up with e-wallet Dana and GoPay to provide SamsungPay, an application that will integrate the two e-Wallet services. E-wallet transaction by millennials in Indonesia in 2020 RTGS transaction value in Indonesia 2009-2019 E-commerce transaction share in China 2013-2020, by device Your browser is out of date, and may not be compatible with our website. AliPay, WeChatPay, WhatsApp Pay have eyes on market development. E-money transactions reached Rp 15.8 trillion in January of this year. In 2018, the market size reached USD 1.5 billion, … APAC held above 50% of the global mobile wallet market share in 2019 owing to the widespread adoption of mobile technology in emerging markets. Between 2017 and 2018, digital consumers in Indonesia grew from 64 million to 102 million, almost half the total population in Indonesia. Foreign-invested P2P lenders in Indonesia must take the form of a “PMA Company”, for which approval would normally be needed from the OJK. This site contains PDF documents. 46 Social media represents a highly effective way to reach consumers: … In Indonesia, … Further, the convenience of having money on demand is likely to augment the e-wallet market during the forecast period of 2017-2023. In addition to that, the number of electronic platforms has grown steadily in the past couple of years. Official websites use .gov The global e-wallet market is expected to reach a revenue mark of USD 2,100 billion through the review period. The Indonesian non-life insurance market reported a turnover of 69.9 trillion IDR (4.8 billion USD) in 2018, an increase of 9.8% than 2017. For more information, please contact: Yulie Tanuwidjaja (Yulie.Tanuwidjaja@trade.gov). Bank Indonesia (BI) senior deputy governor Destry Damayanti said that the growth of e-money in retail transactions had especially picked up in the past two years, as consumers shifted to the ease of noncash options. Premium Content. As of February 2020, 41 licensed e-Wallet platforms have been approved by Indonesian government regulators; in October 2019 SamsungPay entered the Indonesian market, marking a significant development for a foreign fintech provider. iOS. The platform would improve the customer experience by providing easy access to the digital payment apps through SamsungPay. Indonesia’s consumers are the driving force behind this growth. Read on to find out the top five digital wallet trends of 2020. Ovo is current e-wallet leader in Indonesia, according to central bank data Ovo is Indonesia’s top digital payment system based on transaction values, Bank Indonesia data shows. 1401 Constitution Ave NW A PMA Company seeking a full FinTech license would be required to file an investment plan with the OJK under which it must commit to invest at least Rp 10 billion (~US $750,000), excluding land and buildings. Share. Four of these companies are among the top 10 e-Wallet apps in Indonesia, including GoPay, DANA, Paytrend, and DOKU. Based on the number of downloads, the top five e-Wallet apps are GoPay, OVO, DANA, LinkAja, and iSAKU. Recent data released by the Bank of Indonesia show that digital payment transactions for the last three years experienced increases of Rp 56 trillion (2019), Rp 47 trillion (2018) and Rp 12 trillion (2017). 28.05 %. Indonesia, Malaysia, the Philippines, Singapore and Thailand have attracted nonbanks to build regional electronic wallet platforms. For any foreign player who wants to enter the Indonesian e-Wallet market will have to partner with a local commercial bank categorized as ‘Buku 4’ (BUKU 4 – Bank Umum Kegiatan Usaha). 44/2016, which imposed restrictions on foreign e-commerce. Facing a Foreign Trade AD/CVD or Safeguard Investigation? 16 ‒© Ipsos | Doc Name GOPAY IS THE MOST-KNOWN E-WALLET BY GENERATION MILLENNIALS AND GENERATION Z. 44,45 YouTube, Facebook and WhatsApp are the most popular social media channels, and, as in other countries, e-commerce merchants in Indonesia are using the power of influencer marketing. “Indeed, half of all Indonesians are aged under 30, and there is a rising middle class,” the report stated. For many users, among the attractions of using an e-Wallet apps as a cashless payment method are instant cashback offers and additional points. Apps are the primary mobile sales channel, taking a 74.8 percent share of the mobile commerce market or $5.3 billion in sales. “Last January, the growth of e-money was 173 percent year-on-year. Android. A PDF reader is available from Adobe Systems Incorporated. Operating Systems. So, it is growing in dominance,” Destry said during a panel discussion on CNBC Indonesia’s Economic Outlook 2020 in Jakarta on Wednesday. 58% 29% 9% 4% TOP OF MIND E-WALLET BRANDS. Para pemain semakin agresif untuk mengakuisisi pelanggan. LinkAja already enjoys a convenient position as it integrates payment services provided by state-owned banks, namely Telkomsel’s TCash, Bank Mandiri’s e-cash, BNI’s UnikQu, Telkom’s t-Money, and BRI’s T-Bank. A study by Ipsos in August noted that ShopeePay also had the highest penetration rate of e-wallets in Indonesia, at … USA.gov | FOIA | Privacy Program | EEO Policy | Disclaimer | Information Quality Guidelines | Accessibility, International Trade Administration Aplikasi E-wallet lokal masih mendominasi metode pembayaran cashless di Indonesia.. Banyaknya pemain lokal di industri fintech Indonesia menjadikan aplikasi e-wallet lokal masih sebagai primadona untuk solusi cashless di Indonesia. The report titled “E-Wallet Market - Global Market Share, Trends, Analysis and Forecasts, 2020-2030” offers market estimates for a period 2018 to 2030, wherein 2018 is historic period, 2019 is the base year, and 2020 to 2030 is forecast period.
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