The Indonesian cards and payments market is growing rapidly at a CAGR of 10.3% with pay now cards leading the growth at an 11.9% CAGR. The percentage of the urban population in total population of the country grew from 51.3% in 2012 to 53% in 2014 and is expected to grow further over the forecast period, to reach 58% in 2020.
According to a new forecast report from P&S Market Research, the total number of credit cards in Indonesia increased at a CAGR of 2% during the period 2012-2014. The transaction value of credit cards reported at POS terminals was greater than at ATMs. The credit card turnover witnessed a CAGR of 7.2%, growing from IDR 13.9 in 2012 to IDR 16.0 in 2014.
In January 2016, UOB Indonesia announced the launch of travel-focused PRVI Miles credit card which caters to well-travelled Indonesians. In 2015, UOBI cardholders spent around IDR 800 billion abroad, an increase of 5% y-o-y. During their travels, cardholders spent the most on accommodation and fashion. Singapore and Thailand were among the top 5 destinations favored by Indonesians traveling abroad. Card offers travel privileges across Southeast Asia which includes discounts with travel merchants such as Agoda, Expedia, as well as fashion, dining and hotel benefits at merchants across Singapore, Malaysia and Thailand.
In May 2015, Bank Mandiri signed an agreement with a Japan based international credit card payment services provider JCB, to allow acceptance of credit cards with JCB logo at the Bank’s ATMs and EDC machines. This alliance will allow JCB credit card holders to make withdrawals, transfer money and make purchases through Bank Mandiri’s EDC machines and ATMs. Also the bank foresees to issue JCB logo bearing credit cards as well.
The report is available through Research and Markets.
For a complete archive of more than 70,000 articles published since 1995 search the CardFlash.com library.