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Indonesian Fintech Users Dominated by Middle-Income Groups

Nabilah Muhamad 31/07/2023 18:40 WIB

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According to an AFTECH report, 41.5% of Indonesian fintech users come from the middle-income group with a monthly income of Rp5-10 million.

Fintech User Proportion Based on Income (Q2 2023)

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Fintech User Proportion Based on Income (Q2 2023)

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According to a survey report by the Indonesian Fintech Association (Aftech), in the second quarter of 2023, users of financial technology or fintech in Indonesia were dominated by the middle-income group.

The majority, or 41.5%, of respondents who use fintech in Indonesia have a monthly income between Rp5 million and Rp10 million.

Then, 20% of respondents have an income between Rp2.5 million and Rp5 million, and another 20% have an income between Rp10 million and Rp25 million per month.

There were also 18.5% of respondents from the income group of Rp25 million to Rp50 million per month.

According to Aftech, the large number of fintech users from the middle class indicates that fintech is becoming an alternative financial service for the unbanked and underbanked population.

"Therefore, fintech has great potential to promote financial inclusion among these income groups," wrote Aftech in its report.

When viewed by age, the majority, or 70.8%, of respondents who use fintech come from the 26-35 age group.

Then, users in the 36-50 age range account for 23.1%, and the 18-25 age group only accounts for 6.1%.

This survey was conducted on 75 respondents from Aftech members. However, the survey on fintech user income only involved 65 respondents.

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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