Indonesia's Internet Banking Transaction Growth Lags Behind Neighbors

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Adi Ahdiat 15/11/2022 14:10 WIB

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According to IMF data, the growth in the volume of internet banking and mobile banking transactions in Indonesia is lower than in Malaysia, Thailand, and Vietnam.

Internet and Mobile Banking Transaction Volume per 1,000 Inhabitants in ASEAN Countries (2015-2021)

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Internet and Mobile Banking Transaction Volume per 1,000 Inhabitants in ASEAN Countries (2015-2021)

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According to International Monetary Fund (IMF) data, the trend of internet banking and mobile banking transactions in Thailand has grown rapidly over the past seven years, surpassing neighboring countries such as Malaysia, Indonesia, and Vietnam.

Internet banking is a banking service available via a website or internet site. Mobile banking is a banking service available through smartphone applications.

Although their access methods differ, both services require an internet connection and can be used for digital banking transactions, such as bill payments, money transfers, balance checks, and others.

In 2015, the volume of internet/mobile banking transactions in Thailand was only 7,786 transactions per 1,000 people. However, by 2021, this had increased to 238,245 transactions per 1,000 people.

Cumulatively, the volume of internet/mobile banking transactions per 1,000 people in Thailand grew by approximately 2,959% during the 2015-2021 period.

Rapid growth trends were also seen in Malaysia and Vietnam. During the 2015-2021 period, the volume of internet/mobile banking transactions per 1,000 people in Malaysia grew by 539%, and in Vietnam by 1,754%.

In Indonesia, however, the growth rate was only 106% during the same period. As a result, the volume of internet/mobile banking transactions per 1,000 people in Indonesia in 2021 was lower than in Malaysia and Thailand, and was almost overtaken by Vietnam, as shown in the graph.

The Indonesian government stated that it continues to strive to expand access to digital financial services for the public.

"We need to improve the digital financial literacy of the public through collaboration with all stakeholders, including associations and digital platforms. Digital financial services must also become more inclusive and be able to reach all segments of society," said Coordinating Minister for Economic Affairs Airlangga Hartarto in his press release on Friday (11/11/2022).

"Adequate and affordable digital connectivity is the backbone of digital economic development. Therefore, the government is focusing on continuing the development of both physical and digital infrastructure, ranging from optimizing fiber optic networks, building BTS towers, data centers, Satria 1 and 2 satellites, expanding 4G networks and testing 5G, to low-orbital satellites to reach all segments of society," he added.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia's Internet Banking Transaction Growth Lags Behind Neighbors

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