According to the latest report by IMARC Group, titled " Indonesia Prepaid Cards Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Indonesia prepaid cards market reached a value of US$ 22.3 Billion in 2021. Prepaid cards are stored-value cards that employ preloaded transaction funds to pay bills and make purchases. They are limited based on the holder’s deposit profile and can be used by anyone regardless of their income, credit rating, and status. Prepaid cards aid in lowering the risk of overspending, providing an easy registration option, ensuring card information safety, and performing secured transactions. Apart from this, they are maneuverable and easy to use, due to which they are extensively utilized across industries. At present, prepaid cards are categorized into conventional and reloadable fund types.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Indonesia Prepaid Cards Market Trends:
The widespread adoption of prepaid cards across various industrial verticals can be attributed to the increasing demand for a secured and effective cash transaction medium. Moreover, the extensive utilization of prepaid cards as a secured payment method over conventional modes, especially by the younger population due to rising disposable incomes and evolving preferences, is acting as another growth-inducing factor. Additionally, the favorable initiatives being undertaken by the Government of Indonesia for achieving the goal of a cashless economy, along with the rapid establishment of the point of service (POS), electronic data capture (EDC) terminals and automated teller machine (ATM) facilities, are contributing to the market growth. In line with this, the sudden outbreak of coronavirus disease (COVID-19) pandemic and the consequent implementation of mandatory lockdowns across Indonesia have prompted consumers to use prepaid cards for shopping through various e-commerce platforms. This, in turn, is propelling the market growth. Other factors, including the significant expansion in the bank, financial services, and insurance (BFSI) sector and strategic collaborations amongst financial institutions to offer additional monetary benefits to users, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 59.1 Billion by 2027, growing at a CAGR of 17.8% during 2022-2027.
- On the basis of the card type, the market has been bifurcated into closed and open loop cards. Open loop cards currently dominate the market, holding the largest share.
- Based on the purpose, the market has been segregated into transportation, gas/fuel, food and beverage, and others. At present, the transportation segment dominates the market, holding the largest share.
- On the basis of the vertical, the market has been divided into retail, corporate/organization, government, and others. Amongst these, corporate/organization currently represents the leading segment, accounting for the majority of the market share.
- On a regional basis, the market has been segmented into Java, Sumatra, Kalimantan, Sulawesi, and others. Amongst these, the Java region accounts for the highest market share.
- The competitive landscape of the industry has also been examined, with some of the key players being Mandiri Bank, Bank DKI, Bank Negara Indonesia, Bank Central Asia, Bank Rakyat Indonesia and Bank BNI.
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