2017, Indonesian Digital Payments Reached Rp 247 Trillion

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28/04/2017 10:22 WIB

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Projected Digital Payments in Indonesia 2015-2021

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Projected Digital Payments in Indonesia 2015-2021

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Indonesia's digital payments are estimated to have reached US$18.59 billion, or approximately Rp247 trillion, in 2017. This figure represents a 23.8 percent increase from the previous year's US$15 billion. According to data from the Indonesian Fintech Association, domestic digital spending still dominates digital payments at US$18.55 billion, with mobile payments at US$4 million and peer-to-peer (P2P) transfers at US$29 million.

The potential of the domestic financial technology (Fintech) business remains substantial, as Indonesia still requires financing worth Rp988 trillion, a sum that banks are unable to fully provide. Furthermore, there is potential for financing disbursement through P2P schemes amounting to Rp150 billion, and as many as 49 million micro, small, and medium enterprises (MSMEs) remain unserved by bank financing.

"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."