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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
Banks in Indonesia
Mobile Carriers in 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.
|E-commerce market size||$13,6 billion|
|Internet penetration rate||44%|
|Mobile penetration rate||25%|
|Cellular technology standard||3G, 4G|
|Dual sim usage||65.73%|
|Popular mobile OS||Android|
|Big Mac Index||2.19|
|Average annual income||$310|