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Jakarta Post

Financial technology for not-so-high-tech people

  • Nika Pranata

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PREMIUM
Jakarta   /   Mon, June 17, 2019   /  11:52 am
Financial technology for not-so-high-tech people No cash needed: Sutariyah, a 36-year-old food seller, prepares meals for customers in her food stall located in front of Al-Azhar University in Kebayoran Baru, South Jakarta. Her food stall accept cashless payments by using QR codes from some e-wallets such as Go-Pay, OVO and OttoPay. (-/-)

Financial Technology (FinTech), especially in terms of digital payments, has the immense potential to be utilized in Southeast Asia’s largest economy, Indonesia. According to the Report of Indonesian Internet Service Providers Association (APJII) in 2017, over 140 million Indonesians have access to the internet, of which 93 percent have smartphones or tablets. Moreover, 73 percent of them are 19 to 34-year-old, highly mobile “digital natives”. This age group generally not only evaluates products or services — including payment options — solely from their function or utility, but also their convenience of use, delivery time and efficiency. The adoption of digital payment services delivered by FinTech providers can fulfill such a demand as it makes payment transaction more efficient, practical, instant (one-touch payment) and secure. Interestingly, contr...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.