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Jakarta Post

Brace yourselves, cross-border e-wallet is coming

  • Muhammad Alpian Ramli

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PREMIUM
Jakarta   /   Mon, November 18, 2019   /  11:44 am
Brace yourselves, cross-border e-wallet is coming Generally, the government does not prohibit foreign e-wallet companies from issuing electronic money or operating in Indonesia. On the contrary, the government welcomes them as long as they adhere to Indonesian laws and fulfill certain requirements. (JP/Wendra Ajistyatama)

Indonesia is getting more familiar with cashless payment, at least in urban areas. Through e-wallet applications such as GoPay, Ovo and Dana, many transactions can be performed simply by scanning a Quick Response (QR) code with a mobile phone. A cash-back option is offered by these companies to encourage customers to use the applications. Indonesia has entered a new stage of financial inclusion. Two popular companies from China, Alipay and WeChat Pay, have entered the market in Indonesia. Last year these two fintech firms went viral when national media reported that they could be used by Chinese tourists in Bali. This could have meant lost income for Indonesia as the transactions between tourists and merchants did not involve Indonesian institutions. To prevent loss, the government issued several regulations to anticipate the cross-border payment risks. Generally, the government do...

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