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Indonesian Payment Market Overview

Indonesia’s business to consumer e-commerce market is worth $13.6 billion. While accounting for just 0.6 percent of its overall retail market, Indonesia’s online shopping sector has expanded at a prodigious rate, growing by over a third over the past two years. And with this growth set to continue, the world’s largest archipelago also has the highest e-commerce growth prediction in the world.

Indonesia’s online shopping industry is forecast to expand at an impressive compound annual growth rate of 34.6 percent to 2021, driven by increasing internet penetration, which currently sits at a lowly 32.3 percent, and an ongoing trend of steady gross domestic product growth. The scale of this development is clearly also a result of the industry’s immaturity. At present, annual per capita spend is low, standing at $344 a year.

Payment Methods in Indonesia

Key Market Indicators in Indonesia

Online shopping market value
Pay with local methods
Annual market growth
Avg annual online spend

Banks in Indonesia

Bank Rakyat Indonesia
Bank Mandiri
Bank Central Asia (BCA)
Bank Negara Indonesia (BNI)
Bank Tabungan Negara (BTN)
Bank CIMB Niaga
Panin Bank

Mobile Carriers in Indonesia

XL Axiata
3 Indonesia

Integrate Indonesian Payment Methods

Cards are the dominant payment method in Indonesia when shopping online, taking a 34 percent share of the market. Bank penetration in Indonesia is 48 percent, leaving significant room for growth in the debit card market. Despite this low penetration, bank transfers are the second most-used e-commerce payment method in Indonesia, accounting for just over a quarter (26 percent) of sales.

Currently the third most-used e-commerce payment method, digital wallets are rapidly increasing in popularity. Aided by rising smartphone penetration, digital wallets are used for one in five of all online shopping in Indonesia. Popular brands include Unipin and domestic brand Go-Pay, the digital wallet arm of a major Indonesian e-commerce success story, the e-commerce app Go-Jek.

Country Statistics
Region Southeast Asia
Population 268 million
E-commerce market size $13,6 billion
Local currency IDR
Key Metrics
Internet penetration rate 44%
Internet cost $40/month
Mobile penetration rate 25%
Cellular technology standard 3G, 4G
Dual sim usage 65.73%
Popular mobile OS Android
Other Information
Big Mac Index 2.19
Average annual income $310
Largest Cities in Indonesia by Population
Jakarta 10,538,152
Surabaya 2,805,906
Medan 2,465,469
Bekasi 2,381,053
Bandung 2,339,463
Makassar 1,651,146
Depok 1,631,951
Semarang 1,621,384
Tangerang 1,566,190
Palembang 1,548,064

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