Indonesia Prepaid Card and Digital Wallet Market Report 2022: Market is Expected to Reach $8.53 Billion by 2026 from $6.00 Billion in 2022, Recording a CAGR of 9.2%
Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 9.2%, increasing from US$6.00 billion in 2022 to reach US$8.53 billion by 2026.
DUBLIN, Sept. 21, 2022 /PRNewswire/ -- The "Indonesia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.
Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 9.2%, increasing from US$6.00 billion in 2022 to reach US$8.53 billion by 2026. The prepaid card market (value terms) in Indonesia increased at a CAGR of 13.1% during 2017-2021.
In Indonesia, the slow pace of credit card issuance also means that the cashless payments ecosystem will increasingly tilt in the favor of prepaid cards, also known as stored-value wallets. Historically, traditional banking players in the country have dominated the digital payment segment by offering prepaid cards to a largely unbanked population in Indonesia.
With the growing adoption of digital payments in the country, various fintech companies are either standalone or in partnerships introducing prepaid card solutions in the Indonesian market. Digital wallet providers and payments technology providers are capturing the customer base in the country with unique prepaid cards, which is providing an impetus to the growth of the overall prepaid card market in Indonesia.
Blackhawk Network partnered with Sony to launch gaming gift card in Indonesia
With the growing demand for gaming products, payment solution providers are launching gift cards to expand their market share in Indonesia.
- In November 2021, payments solution provider Blackhawk Network Indonesia collaborated with video game and digital entertainment provider Sony Interactive Entertainment (SIE) to launch PlayStation Store Gift Card in Indonesia.
- With the help of these gift cards, which are available in both physical and digital forms, the gamers in Indonesia will be able to buy various games and content available on the PlayStation Store.
- The digital gift cards will be available on major Indonesian e-commerce platforms, such as Tokopedia and Shopee, while physical gift cards will be found at Indomaret outlets.
This collaboration will provide an opportunity for Indonesian gamers to make payments via PlayStation Store Gift Card even if they do not possess any credit card or any other mode of payment.
Overseas companies are entering the Indonesian prepaid card market through partnerships
With rising demand for prepaid instruments, the Indonesian prepaid card market is getting more attractive for overseas companies to launch their services in this country.
- In December 2021, Boost, an e-wallet provider and also the fintech arm of Axiata Digital, partnered with global technology and payments provider, Mastercard, to offer a range of innovative payment solutions to Malaysian and Indonesian consumers. Out of these solutions, the first to hit the market will be a Mastercard prepaid card.
- The Boost Mastercard prepaid card will allow Boost consumers to make transactions in a safe and secured manner in Indonesia and globally, where Mastercard is accepted.
- The partnership will include the introduction of SME financial products in both countries. Notably, this will help to broaden the services offered to small micro-merchants through the platforms such as Boost Biz and Boost Credit.
- The firm will also leverage Mastercard's technology which will expand its fintech as well as payments portfolio in the South Asian region.
Public transportation providers intend to integrate payments system through transit cards in Indonesia
The need for an integrated transportation system has propelled the government of various countries to adopt several initiatives. Notably, the Indonesian government has also taken steps to integrate payment systems, tariffs, and intermodal transportation routes.
- In May 2021, as an initial step towards integration of payments, the public transport integration program, PT Jaklingko Indonesia, had intended to collaborate all modes of transportation in Jakarta starting mid-August 2021.
- Through this program, QR code-based payments will be launched through the JakLingko smart app and also JakLingko Smart Card or tickets in the form of a card.
- Most importantly, the passengers will be able to select the mode of transportation, departure point, destination point, cost of the travel all through the app.
The publisher expects that a single transit card for all modes of transport and payments through QR code will make the travel of the passengers very convenient, which will lead to higher adoption of these smart cards in the medium to long run.
Scope
Indonesia Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
Indonesia Digital Wallet Market Size and Forecast by Key Segments
- Retail Shopping (Value, Volume, Avg. Value)
- Travel (Value, Volume, Avg. Value)
- Entertainment and Gaming (Value, Volume, Avg. Value)
- Restaurant (Value, Volume, Avg. Value)
- Recharge and Bill Payment (Value, Volume, Avg. Value)
Indonesia Prepaid Card Industry Market Attractiveness
- Load Value Trend Analysis
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop, 2017 - 2026
Market Share Analysis by Prepaid Card Categories
Indonesia Open Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Indonesia Closed Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Indonesia Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
Indonesia General Purpose Prepaid Card Market Size and Forecast
Indonesia Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
Gift Card Market Size and Forecast by Consumer Segments
- By Retail Consumer Segment
- By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
Indonesia Entertainment and Gaming Prepaid Card Market Size and Forecast
Indonesia Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
- By Open Loop Teen and Campus Prepaid Card
- By Closed Loop Teen and Campus Prepaid Card
Indonesia Business and Administrative Expense Prepaid Card Market Size and Forecast
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Indonesia Payroll Prepaid Card Market Size and Forecast
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Indonesia Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Indonesia Travel Forex Prepaid Card Market Size and Forecast
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Indonesia Transit and Tolls Prepaid Card Market Size and Forecast
Indonesia Healthcare and Wellness Prepaid Card Market Size and Forecast
Indonesia Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Indonesia Fuel Prepaid Cards Market Size and Forecast
Indonesia Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/g6gvvv
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