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Indonesia has the lowest credit card penetration rate in Southeast Asia. Payment service provider Codapay recorded Indonesia's credit card penetration at only 1.6 percent in 2015.
Indonesia's credit card spread lags far behind neighboring Malaysia, which reached 20.2 percent, and even Vietnam, which reached 1.9 percent. The highest penetration rate in Southeast Asia is in Singapore, reaching 35.4 percent.
This low ownership of credit cards as a cash payment alternative is due to several factors. First, Bank Indonesia regulations require only customers with relatively high incomes to qualify for a credit card. Second, the stringent requirements imposed by credit card issuing banks to avoid misuse pose a significant burden on potential users.
"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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