Forecast: Number of Cheque Payments in Indonesia

Cheque payment volumes in Indonesia have exhibited a steady decline from 2013 to 2023, where the figure stood at 2.11 million units. The year-on-year changes illustrate this downward trend, with particularly sharp drops in 2016 and 2020 at -10.71% and -20.15%, respectively. Notably, there was a temporary rebound in 2021 with a 21.56% increase, followed by a return to decline. The five-year CAGR for the period ending in 2023 was -3.79%.

Future projections indicate a continued decline, with a forecasted five-year CAGR of -3.94%, translating to an 18.22% decrease by 2028.

Future trends to watch for include the impact of digital payment innovations and regulatory changes, which could accelerate the decline of cheque usage even further.