Go-Pay leads but new central bank system will bring more competition as transactions surge.
The humble QR code is set to give the Indonesian mobile payments market a huge boost when the central bank formally switches on a system allowing transactions between competing players, including banks.
Although they already saw rapid growth in 2018, transactions via mobile payments platforms and prepaid cash cards, which are very popular in underbanked Indonesia, still account for a small slice of retail sales. They will make up a bigger slice in 2019 when Bank Indonesia launches a centralised gateway allowing cross-platform transactions. At the heart of this system are QR codes, the low-cost, low-tech, phone-scannable bar codes which are powering commerce across Asia. QR codes are driving the adoption of mobile payments systems throughout Asia © BloombergThis may prove crucial for a central bank aiming to achieve 75 per cent financial inclusion by 2019, a target that is unlikely to be met by relying solely on traditional banks. In 2017, the World Bank estimated only 49 per cent of Indonesians aged 15 and over had bank accounts.
https://www.ft.com/content/e9a50f6c-037a-11e9-99df-6183d3002ee1
unknownx500
