Forecast: Value of Payments by Cards with a Debit Function in Indonesia

In Indonesia, the value of payments by cards with a debit function witnessed a notable fluctuation over the past decade. Standing at USD 24.05 billion in 2023, this market experienced significant growth periods and a few setbacks.

From 2013 to 2017, the total value of payments by debit cards surged consistently, culminating in a high of USD 21.39 billion in 2017. Post-2017, the market faced volatility with a dip in 2018, a rebound in 2019, and a substantial decline in 2020 due to the global pandemic. The recovery started in 2021, reaching a peak in 2021 at USD 23.93 billion, albeit with minor fluctuations until 2023.

Overall, the CAGR over the past five years is 3.15%. Looking forward to 2028, forecasts suggest a steady growth pace with a 5-year CAGR of 1.98%, projecting the market value to touch USD 27.38 billion, representing a 10.32% growth over the next five years.

Future trends to watch for:

• Technological advancements in digital payments
• Increased penetration of online banking and fintech services
• Economic conditions and regulatory changes influencing consumer spending patterns