Several factors contributed to the healthy growth of pre-paid cards in 2019, in terms of both cards in circulation and current value transactions. The rise of pre-paid cards was triggered mainly by the rapid growth of open loop pre-paid cards.
Players have asked for approval from the national bank for easy top-up access by opening a 24-hour real time charging channel. This is important for people in smaller cities or more remote areas.
The national bank is aiming for society to eventually become cashless. Despite the move towards a cashless society, pre-paid cards are not the only financial cards available, and many people prefer debit cards, and the implementation of the national payment network, GPN, is expected to boost debit card sales.
Mandiri E-money led pre-paid cards in terms of number of cards in circulation in 2019, as well as dominating in terms of transaction value. One factor is that it allows wide use of its cards.
Bank Central Asia was second in pre-paid cards in terms of transaction value and cards in circulation in 2019. BCA started off in pre-paid cards for buses and trains.
Better toll road infrastructure, along with improved service quality, fuelled the growth of electronic money during the Eid 2019 Lebaran season. During this period, the need for electronic money was met by five banks, namely Bank Mandiri, Bank Central Asia, Bank Rakyat Indonesia, Bank Negara Indonesia and BTN.
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