Digital wallets' share in e-commerce and POS payments APAC 2024, by country
In 2023, the number of mobile wallet users in Indonesia reached around 125 million people, indicating an increase of about 19 million users compared to the year prior. A mobile wallet is a virtual wallet that stores payment card information on a mobile device, ; it is either a built-in feature or an app that can be installed onto smartphones. Notably, Go Pay emerged as the undisputed virtual wallet leader, with the majority of respondents in a July 2022 survey choosing it as their preferred e-wallet.
The penetration rate of the digital payments sector in Indonesia experienced strong growth in 2022, with its two main segments expected to expand significantly by 2027 (1326600). This growth indicates that Indonesia is relying more on digital payment methods following the growth of technology that continues to reshape financial landscapes. This trend is also shown through the rising revenue of the digital payments segment of the fintech market, which is expected to expand further in the coming years.
Indonesia’s shift towards the future of digital transactions continues to be evident. An interesting revelation from a consumer behavior survey in October 2022 is the growing interest in QR code payment methods. Most respondents expressed interest in QR code payment methods, and a large proportion indicated having engaged in this activity in the same year.
