The Total Number of Payment Cards in Circulation in Indonesia reached 107 million in 2014

P&S Market Research releases a new research report on cards and payments market:
Indonesia: Cards and Payments Market - Size, Share, Development, Growth and Forecast to 2020

The research report provides in depth analysis and insights into the Indonesia Cards and Payments Market including, strategies deployed by banks to market debit and credit cards and competitive landscape (card issuers in the country) for both debit cards and credit cards. The study includes 3 years historical market size and 6 years market forecast in terms of number of cards, value and volume of transactions processed through these cards, and other key metrics. The report also provides information on the key industry trends, major schemes, banks and detailed segmentation of card and payment industry. The research report is a new offering from the company’s Financial Services domain, and leveraged from the company’s existing cards and payments database of 50+ countries.

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The total number of cards in circulation reached 107.1 million in Indonesia by the end of 2014, representing a penetration of 0.42 cards per person in 2014. The growth of cards in circulation during 2012-2014 can be attributed to rising banked population and growing disposable income.

Indonesia’s population grew from 245.4 million in 2012 to 252.1 million in 2014, and is expected to reach 272.6 million by 2020. This increase in population is expected to encourage card spending over the forecast period. Also, Indonesia’s GDP per capita increased from IDR 31,484,474 in 2012 to IDR 33,978,238 in 2014. GDP per capita is likely to increase further over the forecast period to IDR 43,359,914 in 2020. The increase in GDP per capita is expected to increase the scope of payment cards use over the forecast period.

The debit card transaction value at ATM remained considerably higher than the transaction value at POS terminals. The transaction value of debit cards at ATM accounted for 90.6% of the total debit card transaction value in 2014, which states that consumers prefer to use debit cards at ATMs for higher value transactions, rather than POS terminals. Some of the key players in the debit cards market include Bank Rakyat Indonesia, Bank Central Asia, Bank Negara Indonesia and Bank Mandiri. Bank Rakyat Indonesia was the leading bank in terms of number of debit cards issued in 2014.

The frequency of credit card use increased at a CAGR of 3.9% during 2012-2014. The frequency of transaction is expected to reach up to 17.1 times by 2020. Some of the key players in the credit card market in the Brazilian card payments include Bank Rakyat Indonesia, Bank Central Asia, Bank Negara Indonesia, Bank Mandiri, HSBC and Citibank.

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In January 2016, UOB Indonesia launched travel-focused PRVI Miles credit card catering to the needs of Indonesian travelers. Ms. Lynn Ramli, Executive Director, Head of Personal Financial Services, UOB Indonesia, said that the increase in overseas spend was aided by the ease of travel. “Today, Indonesians are able to visit more than 50 countries that provide visa waivers or visa on arrival. Indonesians’ growing love for travel is also supported by increasing e-commerce, which allows travelers to plan and book their holidays online.”

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