Payment Instruments – Indonesia Overview

Credit transfers remained the most important payment instrument in Indonesia during the review period and accounted for 96.5% of the cards and payments industry in terms of transaction value in 2014 and took hold of the leading position even till 2018. Credit transfers are mainly carried out by large corporations and government bodies for salary and supplier payments.

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In Indonesia, banks offer credit transfer services through their electronic delivery channels such as ATMs, online and mobile banking platforms. Inter-bank fund transfers are processed via shared ATM networks or payments switching services such as the National Clearing System of Bank Indonesia (SKNBI) and Bank Indonesia Real Time Gross Settlement (BI-RTGS) systems.

Cash is primarily used for small-value transactions. Due to the increased use of electronic payments, and the high cost of handling cash, led to its decline in terms of the share of transactions of the payments instrument during the review period. In 2014, cash accounted for only 3.04% of the country’s total transaction value and further decreased in 2018.

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The share of payment cards increased during the review period, as a result of an increasing consumer preference towards electronic payment systems, owing to their efficiency and convenience. Card transactions are expected to increase over the forecast period, due to the increasing popularity of cashless transactions among consumers and retailers.

The growth of payment cards will be bolstered by increasing levels of government support. As part of the government’s efforts to make Indonesia a cashless society, the BI has urged businesses and consumers to opt for cashless payment. Payment cards are favored by the government because they allow for the easier tracking of taxes compared to cash transactions. In Indonesia, checks are commonly used for regular business purchases and utility bill settlements.

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Supported by mobile network operators (MNOs), mobile payments (m-payments) are playing an important part in the development of electronic payment platforms in Indonesia. Indonesia serves as the perfect ground for m-payments, with a sizeable portion of its rural population having limited access to banking and financial services. Some of the e-wallet services are TCash (launched by Telkomsel), Indosat and XL Axiata.

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