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Jakarta Post

Brace yourselves, cross-border e-wallet is coming

  • Muhammad Alpian Ramli

    A corporate lawyer who focuses on banking and finance

Jakarta   /   Mon, November 18 2019   /  01:29 am

JP/Wendra AjistyatamaIndonesia 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 ...