A new report from Hamburg-based business intelligence company yStats.com, “Top Mobile Payment Services Providers in Indonesia 2020 and their Reaction to the COVID-19 Crisis” provides details on the accelerated growth of the digital payments market in Indonesia. Among the findings in the report is the effect of the 2020 coronavirus pandemic on top E-Wallet payment service providers in Indonesia.
Payments via E-Wallets increased in Indonesia during the COVID-19 pandemic
The COVID-19 outbreak brought various developments into the digital payments and E-Commerce market of Indonesia. Digital payments were already on a rise in Indonesia but with the coronavirus outbreak, consumers moved to online shopping and contactless payments. According to a study cited by yStats.com, a significant double-digit percentage of consumers surveyed in Indonesia during the pandemic stated that they prefer making payments via E-Wallets. Moreover, a notable share of adults in Indonesia stated intent to continue online shopping even after the pandemic is over.
The top digital payment providers in Indonesia establish partnerships and introduce new features to support their users during the COVID-19 health crisis
Making payments via E-Wallets was already a popular practice among consumers in Indonesia. As detailed in the yStats.com publication, the most used E-Wallets in Indonesia are GoPay, OVO and Dana. During the COVID-19 crisis, these payment providers introduced various developments to promote social distancing. For example, GoPay partnered with OYO, an Indian hospitality chain of leased and franchised hotels/homes/living spaces, to introduce contactless and easy online payments. Moreover, Dana and OVO collaborated with PPRO, a UK-based payment services provider, bringing additional features to their offerings.
The top E-Wallets in Indonesia saw increasing numbers of users during the pandemic
As the COVID-19 outbreak continues, the shift towards digital payments also increased, boosted by the Indonesian Government’s efforts to reduce the use of cash and promote online shopping during these uncertain times. The most popular E-Wallets in Indonesia are seeing a surge in the number of users making payments via their platforms. According to the yStats.com report, OVO had a notable number of consumers using its platform in June 2020. Additionally, GoPay’s usage even before the COVID-19 pandemic increased in 2019 compared to 2018.