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View all search resultsSeveral studies have highlighted the importance of a cashless society. Boston Consulting Group research in 2019 showed that cash is no longer king. In fact, in the macro context, economies that are more cash intensive tend to grow slowly and miss out on significant financial benefits.
Digital payment is becoming more and more prevalent in Indonesia. This shift began when banks began adopting digital channels, such as phone, SMS and/or mobile banking around three decades ago. These are more "conventional” digital payments.
With the latest investment from Gojek, LinkAja has raised a total investment of more than US$100 million through its series B funding. The investment came after ride-hailing company Grab led a $100 million funding for LinkAja in November last year.
Recently the government enacted Presidential Regulation (Perpres) No. 114/2020 on the national financial inclusion strategy, replacing Perpres No. 82/2016. Part of the reason was the achievement of the financial inclusion target, which is defined by the percentage of individuals with access to financial products and services.
Indonesia is among the top drivers of e-money growth in Southeast Asia alongside neighboring Malaysia, Singapore, the Philippines and Thailand, according to an inaugural report commissioned by Standard and Poor’s (S&P) Global Market Intelligence.
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