The Cards and Payments Industry in Indonesia: Emerging trends and opportunities to 2021

The Cards and Payments Industry in Indonesia: Emerging trends and opportunities to 2021


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Executive Summary

The Cards and Payments Industry in Indonesia: Emerging trends and opportunities to 2021

Summary

GlobalData's "The Cards and Payments Industry in Indonesia: Emerging trends and opportunities to 2021", report provides detailed analysis of market trends in the Indonesian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cheques, and payment cards during the review-period (2012-16).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2017e-21f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

This report provides top-level market analysis, information and insights into the Indonesian cards and payments industry, including-

Current and forecast values for each market in the Indonesian cards and payments industry, including debit, credit and charge cards.

Detailed insights into payment instruments including cash, cheques, and payment cards. It also, includes an overview of the country's key alternative payment instruments.

E-commerce market analysis and payment methods.

Analysis of various market drivers and regulations governing the Indonesian cards and payments industry.

Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.

Scope

Bank Indonesia, the country's central bank, is enhancing the security of payment systems in order to build customer confidence in payment cards. In this regard, the government has mandated the migration of all payment cards to EMV standards by December 31, 2021. Similarly, as of July 1, 2017 the central bank has mandated the adoption of six-digit PINs for debit and ATM cards, instead of four-digit PINs.

Up until February 2016, the e-commerce market was in the government's "Negative Investment" list-and thereby foreign investors were not allowed to invest in local companies or set up a business. To boost investment in the domestic e-commerce market, the government introduced a new foreign direct investment policy in February 2016 allowing 100% foreign ownership of e-commerce companies for investments over $7.4m (IDR100bn), while for investments between $740,000 (IDR10bn) and $7.4m (IDR100bn), foreign ownership was capped at 49%. However, the former regulation was later revised in May 2016 to limit foreign ownership up to 49% in e-commerce companies.

Consumers in Indonesia are gradually adopting contactless payments. Consequently, Visa launched its contactless service Visa payWave in Indonesia in September 2016. This service enables Visa card holders to make contactless transactions without a PIN for transactions below $74.0 (IDR1m). Following this, Bank CIMB Niaga, Bank Tabungan Pensiunan Negara, UOB Indonesia, and Bank Mandiri adopted this technology.

Reasons to buy

Make strategic business decisions, using top-level historic and forecast market data, related to the Indonesian cards and payments industry and each market within it.

Understand the key market trends and growth opportunities in the Indonesian cards and payments industry.

Assess the competitive dynamics in the Indonesian cards and payments industry.

Gain insights into marketing strategies used for various card types in Indonesia.

Gain insights into key regulations governing the Indonesian cards and payments industry.



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Table of Contents

EXECUTIVE SUMMARY 2

1.1. Market overview 2

1.3. Key facts 4

1.4. Top five industry events 5

2. PAYMENT INSTRUMENTS 11

2.1. Current payment environment 11

3. E-COMMERCE AND ALTERNATIVE PAYMENTS 13

3.1. E-commerce market analysis 13

3.3. Alternative payment solutions 15

3.3.1. PayPal 15

3.3.2. Sakuku 15

3.3.3. Mandiri e-Cash 15

3.3.4. Straight2Bank 16

3.3.5. Dompetku 16

3.3.6. XL-Tunai 16

3.3.7. TCASH 16

3.3.8. mVisa 17

3.3.9. DOKU 17

3.3.10. Fortumo 17

3.3.11. BBM Money 17

4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY 18

4.1. Regulatory framework 18

4.1.1. Regulations related to card issuers 18

4.1.2. Regulations related to credit cards 18

4.1.3. Electronic banking regulations 19

4.2. Anti-money laundering 19

4.3. Foreign direct investment regulations 19

5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS 21

6. PAYMENT CARDS 23

7. DEBIT CARDS 25

7.1. Debit cards market analysis 25

7.2. Competition in the debit card market 27

7.3. Debit card comparison 29

8. PAY-LATER CARDS 30

8.1. Pay-later card market analysis 30

8.2. Competition in the pay-later card market 32

8.3. Pay-later cards comparison 34

9. PREPAID CARDS 36

10. MERCHANT ACQUIRING 38

11. APPENDIX 41

11.1. Abbreviations and acronyms 41

11.2. Supplementary data 41

11.3. Definitions 55

11.4. Methodology 57

11.5. Bibliography 59

11.6. Further reading 59

List of Figures

Figure 1: Indonesia: payment instrument shares by transaction value (%), 2012 vs 2016 11

Figure 2: Indonesia: payment instrument shares by transaction volume (%), 2012 vs 2016 12

Figure 3: Indonesia: e-commerce market value 13

Figure 4: Indonesia: population and economic indicators 21

Figure 5: Indonesia: ATMs, POS terminals, and household consumption 22

Figure 6: Indonesia: payment cards transaction value and cards in circulation, 2012-21f 23

Figure 7: Indonesia: debit card penetration and turnover per card 25

Figure 8: Indonesia: debit card scheme and issuer transaction value shares, 2016 27

Figure 9: Indonesia: pay-later card penetration and turnover per card 30

Figure 10: Indonesia: pay-later card scheme and issuer transaction value shares, 2016 32

Figure 11: Indonesia: prepaid cards in circulation, and transaction value, 2012-21f 36

Figure 12: Indonesia: merchant acquiring transaction volume and value, 2012-20f 38

Figure 13: Indonesia: acquirers' market share in terms of transaction volume and value (%), 2015 39

Figure 14: Indonesia: average merchant service charge and interchange fee (%), 2012-20f 40

List of Tables

Table 1: Indonesia: key facts, 2016 4

Table 2: Indonesia: regional benchmarking of payment cards, 2016 4

Table 3: Indonesia: mode of entry of foreign banks 20

Table 4: Indonesia: debit card comparison and key features, 2017 29

Table 5: Indonesia: gold credit cards comparison and key features, 2017 34

Table 6: Indonesia: premium credit cards comparison and key features, 2017 34

Table 7: Indonesia: charge cards comparison and key features, 2017 35

Table 8: Indonesia: payment instrument transaction values (IDRtn), 2012-16 41

Table 9: Indonesia: payment instrument transaction values ($bn), 2012-16 41

Table 10: Indonesia: payment instrument transaction volumes (millions), 2012-16 41

Table 11: Indonesia: payment cards in circulation by type (millions), 2012-21f 42

Table 12: Indonesia: volume of payment card transactions (millions), 2012-21f 42

Table 13: Indonesia: value of payment card transactions (IDRtn), 2012-21f 42

Table 14: Indonesia: value of payment card transactions ($bn), 2012-21f 42

Table 15: Indonesia: debit cards in circulation (millions), 2012-21f 42

Table 16: Indonesia: debit card transaction volumes, 2012-21f 43

Table 17: Indonesia: debit card transaction values (IDR), 2012-21f 43

Table 18: Indonesia: debit card transaction values ($), 2012-21f 43

Table 19: Indonesia: debit cards in circulation by scheme (millions), 2012-16 44

Table 20: Indonesia: debit card transaction values by scheme (IDRtn), 2012-16 44

Table 21: Indonesia: debit card transaction values by scheme ($bn), 2012-16 44

Table 22: Indonesia: debit card transaction values by issuer (IDRtn), 2012-16 44

Table 23: Indonesia: debit card transaction values by issuer ($bn), 2012-16 45

Table 24: Indonesia: pay-later cards in circulation (millions), 2012-21f 45

Table 25: Indonesia: pay-later card transaction volumes, 2012-21f 45

Table 26: Indonesia: pay-later card transaction values (IDR), 2012-21f 46

Table 27: Indonesia: pay-later card transaction values ($), 2012-21f 46

Table 28: Indonesia: pay-later cards in circulation by scheme (000s), 2012-16 46

Table 29: Indonesia: pay-later card transaction values by scheme (IDRtn), 2012-16 47

Table 30: Indonesia: pay-later card transaction values by scheme ($m), 2012-16 47

Table 31: Indonesia: pay-later card transaction values by issuer (IDRtn), 2012-16 47

Table 32: Indonesia: pay-later card transaction values by issuer ($m), 2012-16 48

Table 33: Indonesia: credit cards in circulation (millions), 2012-21f 48

Table 34: Indonesia: credit card transaction volumes, 2012-21f 48

Table 35: Indonesia: credit card transaction values (IDR), 2012-21f 49

Table 36: Indonesia: credit card transaction values ($), 2012-21f 49

Table 37: Indonesia: credit cards in circulation by scheme (000s), 2012-16 49

Table 38: Indonesia: credit card transaction values by scheme (IDRtn), 2012-16 50

Table 39: Indonesia: credit card transaction values by scheme ($m), 2012-16 50

Table 40: Indonesia: charge cards in circulation (000s), 2012-21f 50

Table 41: Indonesia: charge card transaction volumes, 2012-21f 50

Table 42: Indonesia: charge card transaction values (IDR), 2012-21f 51

Table 43: Indonesia: charge card transaction values ($), 2012-21f 51

Table 44: Indonesia: charge cards in circulation by scheme (000s), 2012-16 51

Table 45: Indonesia: charge card transaction values by scheme (IDRtn), 2012-16 51

Table 46: Indonesia: charge card transaction values by scheme ($m), 2012-16 51

Table 47: Indonesia: prepaid cards in circulation (millions), 2012-21f 52

Table 48: Indonesia: prepaid card transaction values (IDRtn), 2012-21f 52

Table 49: Indonesia: prepaid card transaction values ($m), 2012-21f 52

Table 50: Indonesia: merchant acquiring transaction volumes (millions), 2012-20f 52

Table 51: Indonesia: merchant acquiring transaction values (IDRtn), 2012-20f 52

Table 52: Indonesia: merchant acquiring transaction values ($bn), 2012-20f 52

Table 53: Indonesia: acquirers' transaction volumes (millions), 2011-15 53

Table 54: Indonesia: acquirers' transaction value (IDRtn), 2011-15 53

Table 55: Indonesia: acquirers' transaction values ($bn), 2011-15 53

Table 56: Indonesia: retail outlets and card-accepting merchants (000s), 2012-20f 53

Table 57: Indonesia: debit card average interchange fees (%), 2011-15 54

Table 58: Indonesia: debit card merchant service charge and interchange fee (%), 2012-20f 54

Table 59: Indonesia: pay-later card average interchange fees (%), 2011-15 54

Table 60: Indonesia: pay-later card merchant service charge and interchange fee (%), 2012-20f 54

Table 61: Key definitions 55

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Bank Rakyat Indonesia

Bank Negara Indonesia

Bank Central Asia

Bank Mandiri

Bank Danamon

CIMB Niaga

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American Express

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The cards and payments industry in Indonesia, Financial cards, Debit cards, Credit cards, Charge cards, E-commerce, Alternative payments

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