In support of National Fintech Month in Indonesia, InsightAsia has released the study “Consistency That Leads: E-Wallet Industry Outlook 2023”, which provides an overview of the digital wallet landscape in Indonesia.
A key finding reveals e-wallets are increasingly becoming the preferred payment method among Indonesian consumers, as compared to cash or bank transfer with 71% of respondents actively using e-wallets for various financial transactions. This leads alternative payment methods such as cash (49%), bank transfer (24%), QRIS (21%), buy-now-pay-later features (18%), debit cards (17%) and Virtual Account Transfer (16%).
GoPay was found to have consistently been the most-used e-wallet platform over the past 5 years with 71% having used GoPay and 58% of respondents regularly using GoPay. In second place was OVO with 70% of respondents having used it before, and 53% continuing to regularly use it. In third place are two platforms with Dana having 61% of e-wallet users saying they have used Dana before and ShopeePay for having 51% of respondents regularly use the payment platform.
Our research reveals five key success factors to build an e-wallet brand. Namely, trustworthiness; safety in usage and full protection on consumer balance; ease and convenience in usage; freedom in setting their own monthly usage limit; and the ability to pay for the majority of their daily needs. The ability to consistently deliver these key benefits build consumer trust in a digital wallet brandOlivia Samosir, Research Director at InsightAsia