Indonesia is experiencing an accelerated transition toward digital payments, with ProSpace Indonesia’s Payments Industry Report indicating that electronic transaction values increased by 34.5% in 2024 to reach Rp48.2 trillion. Cash usage has declined to 59% of total transaction volume, down from 74% in 2022.
QRIS (Quick Response Code Indonesian Standard) continues its rapid adoption with 21.7 million merchants now participating, more than double the number from two years ago. Meanwhile, real-time bank transfers through BI-FAST processed an average of 37.2 million daily transactions in Q1 2025.
“Indonesia’s payments transformation has reached a tipping point where digital options are becoming the default rather than alternative methods,” explains Rina Hartono, Digital Payments Specialist at ProSpace. “The combination of regulatory support, private sector innovation, and changing consumer preferences has accelerated adoption beyond previous projections.”
E-wallets show particularly strong growth, with the top five providers collectively serving 197 million registered accounts. Integration between e-wallets and bank accounts has improved, creating more seamless financial ecosystems. Meanwhile, “buy now, pay later” services have expanded rapidly, with 14.3 million active users.
Open banking initiatives enable more sophisticated payment services through standardized APIs, with over 120 fintech companies now participating in the central bank’s regulatory framework. Cross-border payment linkages continue expanding through bilateral arrangements with neighboring countries.
Financial inclusion benefits are substantial, with 25.3 million previously unbanked individuals now participating in the formal financial system through digital payment accounts.
For payments industry analysis: Phone: +62 21 5799 8989 Email: info@prospaceindonesia.com Follow @prospace.indonesia on Instagram for updates