Payment Solutions ins Indonesia

Territories - Asia

Explore Indonesia's evolving payment landscape

Mobile e-commerce leads economic growth with young consumers

Indonesia is experiencing a significant shift towards alternative payments and e-commerce, driven by high smartphone penetration and internet access. Mobile payments, e-wallets, and online banking are gaining popularity, with the e-commerce market reaching $32 billion in 2023 and growing at an annual rate of 13.5%. Despite only accounting for a small portion of all retail sales, Indonesia’s e-commerce market presents a huge opportunity for businesses due to its youthful population. This transformation enhances financial inclusion and stimulates economic growth, supported by government initiatives and fintech innovations. Moreover, the increasing adoption of digital payment methods is helping to reduce the reliance on cash, fostering a more modern and efficient financial ecosystem. Businesses that tap into this market can benefit from the country’s dynamic consumer base and evolving payment landscape.

Market Overview

Population

279.8 million
Online Population

185.3 million
Currency

IDR

e-Commerce Market Value

$50.22 billion
GDP

$1.47 trillion
GDP per Capita

$5,271.00

Available Payment Methods

UBank Connect offers versatile payment solutions in Indonesia, including virtual accounts, eWallets, and bank transfers. Our platform ensures secure, efficient, and seamless transactions, tailored to meet the diverse needs of both businesses and consumers. By choosing UBank Connect, you benefit from cutting-edge technology, robust security features, and a reliable network of partners, making your payment processes smooth and dependable. UBank Connect’s comprehensive payment solutions empower businesses to optimize their payment processes and deliver a superior customer experience.

Why choose UBank Connect?

Direct connection to banks
Dedicated bank account(s)
Local technology and operations team
Flexible and competitive rates
Global reach with a single API access
Support in emerging markets

Key Takeaways

Indonesia’s economy is among the fastest-growing in the world, but much of its rapid growth has been dependent on the export of goods like clothing, cars, and electrical appliances. Although the nation’s digital economy is trying to catch up, it still poses special difficulties for foreign companies looking to tap into one of the world’s most rapidly expanding markets
Indonesia has seen a significant increase in mobile payment usage, driven by the growing number of smartphone users and expanding internet access.
The Indonesian government actively supports the digital payment ecosystem through initiatives and regulations aimed at boosting financial inclusion and modernizing the payment infrastructure.
The penetration of digital banking in Indonesia reached 34% in 2023, highlighting the growing acceptance and reliance on digital financial services among the population.

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Get started today!

Discover how UBank Connect can enhance your payment solutions in Indonesia. Contact us today to learn more about how we can support your business. Let’s connect and take your payment processes to the next level.

Territories - Asia

Explore Indonesia's evolving payment landscape

Mobile e-commerce leads economic growth with young consumers

Market Overview

Population

Online Population

Currency

e-Commerce Market Value

GDP

GDP per Capita

Available Payment Methods

Why choose UBank Connect?

Key Takeaways

Get started today!

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