Who is the most popular e-wallet in Indonesia?

Editor’s note: This article is from WeChat public account “墨腾创投” (ID: MomentumWorks)< /a>.

In Indonesia, mobile payments are becoming more and more popular. In the past five years, smartphone usage has reached 70%, and at the same time, more and more e-wallets are available for cardless transactions. According to the Indonesian central bank, 38 e-wallets have obtained official licenses.

In 2018, Indonesia’s e-wallet transaction volume was around $1.5 billion and is expected to increase to $25 billion by 2023.

So, who is the most popular e-wallet in Indonesia? Recently, iPrice Group and App Annie jointly released data on Indonesia’s e-wallet downloads and monthly users, which is the most popular top ten e-wallets in Indonesia since 2017-2019:

Indonesia e-wallet, which user is the most?

Indonesia e-wallet, which user is the most?

From these ranking data, you can summarize some features:

Go-Pay has the most active users, and OVO is growing strongly

Go-Pay is not yet independent from the Gojek main program, but it is already the most active e-wallet from the fourth quarter of 2017 to the second quarter of 2019, 30% of online payments in Indonesia come from Go-Pay .

In February 2019, Go-Pay transactions reached $6.3 billion, which is equivalent to nearly 70% of Gojek’s total trading volume. Go-Pay is alsoOne of Go-Food’s payment methods, Go-Food is Southeast Asia’s largest food distribution application.

OVO has been stable in the second place since the third quarter of 2018. OVO is the offline payment channel for Matahari department store, Lippo Mall and major cinemas, and is also a partner of Grab and Tokopedia.

The third and fourth are LinkAja in the background of state-owned banks and DANA in the background of ants.

Local apps still dominate

According to the Annie App’s second quarter of 2019, the top five are local players, namely Go-Pay, OVO, DANA, LinkAja and Jenius.

The first few of us have introduced. Ranked fifth, Jenius is more than just an e-wallet, but a banking app that allows users to trade between different financial platforms, such as top-ups for other e-wallets, as well as online or offline forex trading.

The number of e-wallets developed by Internet companies has increased by 50%

The Internet-based e-wallet app has grown 50% from the fourth quarter of 2017 to the second quarter of 2019. There are four Internet-based companies in the top ten e-wallets, namely Gojek, DANA, Paytren and DOKU. .

The development of e-wallets has been strongly supported by OJK. Considering Indonesia’s demographic dividend and more productive age population, the potential development of e-wallet applications is expected to be more brilliant. According to Jakpat and DailySocial, 74.6% of e-wallet users are between the ages of 20-35.

Bank’s e-wallet remains active

The bank e-wallet app also has a large number of monthly active users. The top ten are Jenius under BTPN Bank, Go Mobile from Cimb and Sakuku, Mega Mobile under Mega Bank, and CIMB from Bank of Malaysia. wallet. However, as can be seen from the rankings of each quarter, the bank’s e-wallet rankings continue to fall.

Cash return and points activity is the key to attracting users

The current competition for customers is very intense. Take Go-Pay, the most active user, for example, Provide up to 20-40% cash back for food, beverage and other categories. According to statistics, cash back can increase sales by 37%.

E-commerce, travel, and offline transactions are the most common scenarios for e-wallets

Based on the data provided by 38 legal e-wallets, offline transactions are the most common scenario for e-wallets, mainly due to cash back and points; followed by e-commerce and shared travel. There are also differences between wallets, such as DANA for game payments, and the most common scenario for OVO is Grab’s collaborative payment.

QR Pay is the most common form of payment

QR Pay or QRC is the most common payment method for Indonesian e-wallets. Of the 38 legal e-wallets, 19 can use the QR code.

In May 2019, the Indonesian central bank launched the Indonesian Standard Two-Dimensional Code System (QRIS), which aims to popularize non-cash payments nationwide. The system will allow users to transfer funds from one payment service provider to another payment service provider in the Indonesian central bank’s ecosystem, provided that at least one party has a QRIS code.

Indonesia e-wallet, which user is the most?

Indonesia e-wallet, which user is the most?