Indonesians Have More Confidence in Going Cashless – Visa study

Jakarta, Indonesia – March 28, 2019 – Most Indonesians seem to be ready for a cashless future with 8 in 10 (82 percent) saying they have tried going cashless, according to the 2018 Visa Consumer Payment Attitudes Study^[1]. The study, which spotlights the rise of digitally engaged consumers in Southeast Asia, indicated Indonesians are becoming more aware of the benefits of cashless payments and have a greater appetite towards a cashless future.

According to the study, 77 percent of Indonesians expect their use of cashless payments to increase in the next 12 months. Furthermore, almost half (41%) believe Indonesia could become a cashless society within three years, reflecting added confidence compared to the previous year’s study in which most thought it would take 8-15 years.

Riko Abdurrahman, President Director of PT. Visa Worldwide Indonesia, said that more Indonesians have access to a variety of cashless payment options creating added confidence in going cashless.

“Leading a cashless lifestyle is becoming easier and more attractive to Indonesians due to the numerous payment options available such as card payments, contactless payments, and QR payments. Consumers are demanding a faster, more convenient and more secure payment experience and this is driving them to reduce their use of a cash and embrace a cashless lifestyle,” said Riko.

The study also shows a significant surge in mobile commerce with almost all Indonesians (93%) being aware of and comfortable in making payments on their mobile phones. Almost all Indonesians currently transact on their mobile phones through an app, rather than through a web browser. Security remains a priority with 9 in 10 saying ensuring the safety of their personal information when using their mobile phone for transactions was one of their main concerns.

When asked about the future of payments, Indonesians showed high interest in using wearable payment devices (76%) with the smartwatch viewed as the most comfortable wearable device (53%). Sixty-nine percent of Indonesians are also interested in using biometrics to authenticate their payments, with finger scan seen as the most comfortable option (60%).                                                                                                                                     

Other notable findings from the research include:

• Fewer Indonesians are carrying a large amount of cash because they plan to use cashless payments more often and move away from cash (82%), they find using cashless payments safer than using cash (77%), and they would like to eliminate the physical process of paying (68%).
• Seventy-one percent are interested in conducting payments using contactless cards, while seventy-nine percent are interested in mobile contactless payments. Majority show interest in using contactless payments at hypermarkets/supermarkets (73%), physical stores (71%), and fast-food outlets (64%). Speed, convenience, and security are the top features considered when using contactless payments.
• Eighty-two percent of Indonesians are interested in using QR payments, higher than the previous year’s study result which stood at fifty percent. They consider QR payments to be time-saving, easy to use, less hassle, safe and enjoyable.

“Visa’s Consumer Payment Attitudes Study shows that Indonesians have more confidence in going cashless, while the safety of personal information is their utmost concern. Visa remains committed to introducing new digital payment and security technologies, such as Visa Contactless and Visa Token Service to enable Indonesian consumers and businesses to pay and be paid with confidence,” added Riko.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visacorporate.tumblr.com and @VisaNews.