The "Indonesia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.

Prepaid card market (value terms) in Indonesia increased at a CAGR of 10.5% during 2019-2023. Over the forecast period of 2024 to 2028, the market is expected to record a CAGR of 8.0%, increasing from US$6.00 billion in 2023 to reach US$9.11 billion by 2028.

The prepaid card market is expected to report steady growth over the medium term in Indonesia. Firms are seeking to drive financial inclusion by targeting underbanked and unbanked consumers, which will also support the growth of the prepaid card market in the country. To capitalize on the unbanked and underbanked segment, businesses are scaling their product offerings, and this trend is expected to continue throughout 2024.

Regional firms are also eyeing payment services licenses in the Indonesian market, as they seek to tap into the growth opportunity available in the Southeast Asian nation over the medium term. The entry of new players will also aid innovation and the competitive landscape in the Indonesian prepaid card market. Overall, the publisher maintains a positive growth outlook for the industry over the next three to four years.

Digital wallets are scaling and innovating to tap into the high-growth prepaid card market in Indonesia

To tap into the unbanked and underbanked segment of the Indonesian population, digital wallet service providers are seeking to scale their products, while also innovating with their offerings.

• GoTo, for instance, made its digital wallet GoPay app available for consumers throughout Indonesia in 2023. In the past, the digital wallet was accessible for payments only through Gojek and Tokopedia. However, the firm has now expanded the scope of the digital wallet, as it seeks to tap into huge chunks of the unbanked population.
• GoPay, in January 2024, also added a new savings feature to its digital wallet to attract more users. The feature will enable consumers to save amounts starting as low as IDR 1. The interest rate offered is 3.75% per annum on the available balance. The savings, at offering, is also guaranteed by Indonesia's Financial Services Authority, Bank Indonesia, and Deposit Insurance Corporation.

From the short to medium-term perspective, the publisher expects more such digital wallet service providers to innovate with their product offerings, thereby aiding the competitive landscape in the sector. This will subsequently support the broader prepaid card market growth over the next three to four years.

Regional fintech firms are seeking payment services licenses to tap into the high-growth market in Indonesia

With the digital economy poised to grow at a significant rate in the Indonesian market by 2025, regional fintech firms are eyeing growth opportunities in the flourishing fintech market over the medium term.

• PayerMax, under its subsidiary PT Smart Fintech For You, has successfully obtained approval from Bank Indonesia to provide payment services in Indonesia. This license enables PayerMax to enter and establish a presence in the rapidly growing digital economy of Southeast Asia's largest market. The digital economy in Indonesia was valued at US$77 billion in 2022, and projections indicate it is anticipated to reach US$130 billion by 2025, according to data from Google, Temasek, and Bain & Company.
• Indonesia has experienced significant progress in its digital payment system and infrastructure over the last few years. This includes the introduction of QRIS, a standardized QR code payment system in Indonesia. This system enhances the ease and efficiency of payment transactions, benefiting numerous mobile banking apps and digital wallets like GoPay, OVO, ShopeePay, and DANA. Additionally, the National Open API Payment Standard (SNAP) has been implemented, fostering connectivity and compatibility throughout the payment ecosystem.

The license will enable PayerMax, which already offers digital wallet, bank transfers, and card payment services in Indonesia, to further strengthen its position in the fast-growing fintech ecosystem over the next three to four years.

Scope

Indonesia Prepaid Payment Instrument Market Size and Forecast

• Transaction Value Trend Analysis
• Transaction Volume Trend Analysis
• Average Value per Transaction

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 Digital Wallet Spend by Key Retail Categories

• Food and Grocery
• Health and Beauty Products
• Apparel and Foot Wear
• Books, Music and Video
• Consumer Electronics
• Pharmacy and Wellness
• Gas Stations
• Restaurants and Bars
• Toys, Kids and Baby Products
• Services
• Other Categories

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

Indonesia Open Loop Prepaid Card Future Growth Dynamics

• Transaction Value Trend Analysis
• Transaction Volume Trend Analysis
• Average Value per Transaction
• Number of Cards

Indonesia Closed Loop Prepaid Card Future Growth Dynamics

• Transaction Value Trend Analysis
• Transaction Volume Trend Analysis
• Average Value per Transaction
• Number of Cards

Indonesia Prepaid Card Market Share by Key Players

• General Purpose Prepaid Cards
• Business and Administrative Expense Prepaid Cards
• Travel Forex Prepaid Cards
• Meal Prepaid Cards

Indonesia Prepaid Card Consumer Usage Trends

• By Age Group
• By Income Group
• By Gender

Indonesia Prepaid Card Spend by Key Retail Categories

• Food and Grocery
• Health and Beauty Products
• Apparel and Foot Wear
• Books, Music and Video
• Consumer Electronics
• Pharmacy and Wellness
• Gas Stations
• Restaurants and Bars
• Toys, Kids and Baby Products
• Services
• Other Categories

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

Indonesia Virtual Prepaid Card Industry Market Attractiveness

• Transaction Value Trend Analysis
• Transaction Volume Trend Analysis
• Average Value per Transaction

Indonesia Virtual Prepaid Card Market Size and Future Growth Dynamics by Key Categories

• General Purpose Prepaid Cards
• Gift Cards
• Entertainment and Gaming Prepaid Cards
• Teen and Campus Prepaid Cards
• Business and Administrative Expense Prepaid Cards
• Payroll Prepaid Cards
• Meal Prepaid Cards
• Travel Forex Prepaid Cards
• Transit and Trolls Prepaid Cards
• Social Security and Other Government Benefit Programs Prepaid Cards
• Fuel Prepaid Cards
• Utilities and Other Prepaid Cards

For more information about this report visit https://www.researchandmarkets.com/r/brg5e0

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