Cashless, But Not Clueless

After around a year or so of the COVID-19 pandemic, plenty of research around the world shows one definite change: that the adoption of cashless payments is increasing faster than ever compared to the times before the pandemic[1]. But how is it in Indonesia, where around 6% of the world’s unbanked population is[2]?

A high percentage of Indonesian consumers have actually tried cashless payments, which includes phone balance as payment methods – this is relevant because even as per 2019, smartphone penetration in Indonesia is as high as 63%[3]. And with the pandemic on top of it, the adoption is ever increasing, with 55% consumers claiming that they’ve increased their cashless payment usage during the pandemic. It’s also interesting to note that the highest usage of cashless payments came in the form of e-wallets, which most are powered by smartphones as well.

How about you? How far have you gone cashless in your daily purchases, especially during the pandemic?

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[1] After One Year of COVID-19, New Square Data Reveals the Share of Cashless Businesses Has More Than Doubled
[2]Banking on Indonesia’s unbanked: Tech giants see big potential

[3]Smartphone penetration rate as share of the population in Indonesia from 2015 to 2019 with forecasts for 2020 to 2025

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