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Jakarta Post

Why Indonesia is the world’s next digital payments battleground

  • Kelvin Phua

    Singapore

Singapore   /   Mon, July 13 2020   /  01:00 am
Snap and pay: A man scans a QR Code to make payment within the complex of Tarumanegara University in West Jakarta.(Courtesy of GoPay/-)

The COVID-19 outbreak has seen the e-commerce sector surge. Despite economic uncertainty, consumers around the world are turning to the internet for the goods and services that they previously would have looked for in-store. In Asia-Pacific, this has meant that some emerging markets have accelerated their adoption of digital services; the growth that was projected to take years has only taken months. One notable example of this is Indonesia. According to a recent survey, Indonesia’s e-commerce sector is expecting 50 percent year-on-year growth with its value set to reach US$35 billion in 2020, up from $23 billion in 2019. What’s more, 30 percent of those surveyed were new to online marketplaces and 40 percent intend to keep using e-commerce after the effects of the pandemic lessen. With this upward trend has come a reliance on digital payments, and both public and pr...