Indonesia Banks
Indonesians use bank-transfer payment methods to pay for almost a quarter of all their online purchases (PPRO Almanac). That’s an e-commerce volume with an approximate value of US$5.75 billion. They simply enter a 16-digit payment code (also known as a Virtual Account Number). This can be via internet banking or at the ATMs of participating banks. Supported ATM networks include Bersama, Prima, and Alto, and supported banks include: Bank Danamon, Bank Mandiri, Bank Negara Indonesia, CIMB Niaga, Permata Bank and Maybank Indonesia.
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With a 23% market share, bank transfer payments are the second most popular method of payment in Indonesia. (PPRO Almanac).
The Indonesian e-commerce market is predicted to grow from a value of US$43 billion in 2023 to US$66 billion by 2026 (PPRO Almanac).
As not all debit cards are enabled by banks for e-commerce, Indonesian consumers prefer bank transfer methods, via a browser or mobile banking app.