Credit Card Transaction Values Plunged 30% in the First Year of the COVID-19 Pandemic

The COVID-19 pandemic impacted credit card transactions in Indonesia. When the government implemented social restrictions, credit card transactions sharply decreased.

As a result, the Indonesian economy contracted or experienced negative growth in the first year of the pandemic.

Based on Bank Indonesia (BI) data, the value of credit card transactions plummeted by Rp103.78 trillion (30.28%), reaching only Rp238.9 trillion in 2020, compared to Rp342.68 trillion before the pandemic.

In 2021, the value of credit card transactions increased by Rp5.6 trillion (2.35%) to Rp244.52 trillion. However, this figure remained lower than before the pandemic, as shown in the graph.

Jakarta still dominated credit card transactions, reaching Rp129.16 trillion (52.82%) in 2021, followed by East Java at Rp25.44 trillion (10.4%) and West Java at Rp24.39 trillion (9.97%).

In the first year of the pandemic, the value of credit card transactions in Jakarta plummeted by Rp46.68 trillion (27.95%), reaching only Rp120.34 trillion in 2020. Similarly, in East Java, the value of credit card transactions decreased by Rp11.17 trillion (29.23%), reaching only Rp27.06 trillion from Rp38.23 trillion the previous year.

Furthermore, the pandemic also impacted the number of credit cards in circulation. In 2020, the number of credit cards in circulation decreased by 3.12% to only 16.94 million units from 17.49 million units the previous year. Similarly, last year, the circulation of credit cards decreased again by 2.51% to only 16.51 million units.