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Jakarta Post

Digital payments boost financial inclusion in 2019

  • Adrian Wail Akhlas

    The Jakarta Post

Jakarta   /   Mon, December 23 2019   /  01:59 am

Digital payment platforms helped boost financial inclusion in 2019 by giving more Indonesians access to financial services despite being criticized for unsustainable “burning money” business practices. Digital payments, which include cashless transactions from cards, account-to-account transfers and e-wallets, have reached an inflection point in Southeast Asia as they are expected to reach US$600 billion in gross transaction value (GTV) this year, according to a recent study. The compound annual growth rate (CAGR) is expected at 10 percent to reach $1.1 trillion by 2025, according to the e-Conomy SEA 2019 study by Google, Temasek and Bain & Company. Accounting for just over $22 billion in 2019, e-wallets are likely to grow more than fivefold and to exceed $114 billion by 2025, the study states.“Digital technology is the enabler of [wider] financial inclusion. As more and m...