Dublin, Feb. 05, 2020 (GLOBE NEWSWIRE) -- The "The Opportunities and Challenges of the Payments Industry in Indonesia, Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
This study briefly analyses growth opportunities in the payments industry, such as within the online payments industry and with regards to cross-border payments. With the advancement in technology, such as with omni-channel marketing and with the ISO20022 standard, the market will have the capability to provide more innovative solutions to address the challenges and be better able to meet the demands within the market segments.
The growing number of people of working-age, greater financial inclusion, increasing literacy levels, and growing internet penetration present a significant opportunity for the payments industry in Indonesia.
The industry has recorded positive growth in terms of transaction value from US$ 333 billion in 2013 to an estimated US$ 563 billion in 2019. Growth is especially rapid in the mobile payments segment, where the transaction value recorded until September 2019 has already more than doubled compared to the transaction value recorded in 2018. Within ASEAN members states, Indonesia accounted for more than 40% of the population in the region and a third of the region's annual GDP.
However, Indonesia's mobile payments industry only accounted for 27.6% of the total mobile payments transaction value in the region. This represents a gap and a potential market opportunity that the local regulator together with industry players are actively working to address. As is, the payments industry in Indonesia is still very fragmented.
Although growth prospects for the payments industry in Indonesia are positive, the industry still needs to address various challenges.
A majority of the population in Indonesia is still heavily reliant on cash in their daily activities. Many are hesitant to begin using digital payments due to security concerns. Moreover, the country's large population and geographical spread presents a challenge to building an integrated digital payments ecosystem and infrastructure. Initiatives are being taken by the local regulators and industry players to address these challenges.
Newly minted regulations places emphasis on the interoperability and security of digital payments, thus increasing user convenience and trust. Meanwhile, market players are offering incentives for users to use their payments platforms, thus encouraging users to reduce their dependence on cash. Market players are starting to think about strategies to drive adoption beyond major cities and focus on rural areas as well.
Companies mentioned in this study include, but are not limited to: 2C2P, Alto, American Express, ATM Bersama, Bank Bukopin, BCA, BNI, BRI, CIMB Niaga, Citi, DANA, Dooet, Doku, Espay, Faspay, GoMobile, Go-Pay, indoPay, iPaymu, iSaku, Jenius, Link, LinkAja, Mastercard, NicePay, OVO, Panin Bank, Paytren, Permata Bank, Prima, Sakuku, Standard Chartered, UnionPay, and VISA.
Countries covered in ASEAN mobile payments market include: Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.
Key Issues Addressed
Key Topics Covered
1. Executive Summary
2. Market Overview - Total Payments Market
3. Forecast and Market Trends - Total Payments Market
4. Indonesia Payments Market Analysis
5. Indonesia Mobile Payments Market Analysis
6. Mobile Payments Market Analysis on a Regional Level
7. Payment Methods within the Internet Economy
8. Growth Opportunities and Companies to Action
9. The Last Word
For more information about this report visit https://www.researchandmarkets.com/r/dqjkhe
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