In today’s modern society, the role of the cashless payment gateway Indonesia becomes more vital as we all know that the world move closer to a cashless economy. In Indonesia, there was a vast increase in cashless compared to the last few years because of the latest technology.
Nowadays, every online business in Indonesia is very concerned with its payment system because the business's success and failure somewhere depend on the payment gateway Indonesia. Customers can easily switch to other websites if they find any problem while making the payments or if they do not get their preferred payment options. So, to overcome these challenges it is essential to have the best payment gateway Indonesia like PayCly that offers all the possible solutions for your customers.
Here, we will cover the overview of the Indonesian online market, Indonesian customers preferred payment modes, and the best payment solution available in Indonesia. So, let’s start.
Overview Of the Indonesia Online Market
Before establishing your business in Indonesia, you need to understand the market structure. The online market in Indonesia is approximately $13.6 billion.
Despite making up only 0.6 percent of the country's total retail market, online shopping in Indonesia has grown by more than a third over the past two years. The world's largest archipelago Indonesia also has the largest e-commerce growth prediction all over the masses, and this growth is expected to continue in the upcoming years.
In 2021, the annual growth of Indonesia’s online shopping industry is approx 34.6 %, and it is expected that it will grow more and more in the upcoming few years. The industry’s youth also contributed to the size of its developments. At present, $344 annually, per capita spending is low. But, this figure is not permanent.
So, Indonesia will become a good marketplace in the upcoming year. So, the one who wants to expand their business in the Indonesian market should take action now.
A payment gateway Indonesia acts as the link between your merchant account and an online website. It is a piece of technology that obtains payment information from clients and securely transmits it to the retailer's bank. Additionally, it conveys to the merchant whether the payment was accepted or declined. A payment gateway Indonesia assists you in receiving payment by securely validating the payment information from your clients, verifying the availability of funds and the transaction limit, etc.
You may quickly integrate technology into your online website using a cloud-based platform (online payment gateway Indonesia), which also helps your company's ongoing income growth. Along with making purchasing easier for your customers and enabling plug-and-play, it also protects sensitive payment data by transferring it between different contexts in an encrypted manner.
Customers from abroad can pay for any purchase using their currency thanks to an international payment gateway.
Which Payment Method is Popular In Indonesia?
Indonesia is the most popular tourist place in Southeast Asia with a population of 278.3 million. Indonesia is traditionally cash-heavy. It means that most customers prefer to pay via cash. But in the last few years, there has been a significant change in digital payment. Somehow, its credit goes to COVID-19.
Due to the lockdown in 2020, Indonesia's cash payments dropped from 77% to 53%, and most customers adopted digital payments. It is expected that the cash-on-delivery payment method will decline from 16% in 2020 to 6% by 2025.
So, before establishing your business in Indonesia, you need to know the Indonesian client preferred payment mode. This small but essential decision helps you to grow your business successfully in Indonesia.
Card Payments -
Making payments via card is the most popular payment method in Indonesia. You might be surprised to learn that approx 15 million people in Indonesia use credit cards.
Customers also prefer debit cards to make payments. Indonesian people currently use Visa and MasterCard. BCA (Bank Central Asia) card is also popular in Indonesia. It is one of the biggest banks in the market for credit cards. This bank has its own clearing system.
Online Bank Transfer -
Bank transfer is the oldest and most popular payment method in Indonesia. As we are living in the era of the digital world, so everyone is familiar with bank transfers. One can transfer the amount remotely using the ATM, M-banking, or I-banking directly to the seller’s account.
In Indonesia, almost 78% of customers actively use digital or online banking services. There is a massive increase in the digital banking adoption rate of 57 % from 2017 to 2021. It is one of the most common payment methods, so none of the customers find difficulty while making the payments.
Nowadays, most payment gateway Indonesia offers a virtual account payment system. Due to this virtual account payment system, payment processing become easier for both sellers and buyers.
QR Code -
Gradually, using the QR code to make online payments has been increasing. As it is one of the easy and accurate ways to make payments, Indonesian customers prefer it. With the QR code, one can easily make payments by scanning the QR with their smartphone. To make the payment via QR code you need a stable internet connection and a smartphone.
Most bank in Indonesia provides QRIS (Quick Response Code Indonesia Standard). Its primary role is to unify various QR codes.
Nowadays, there are so many payment options available in Indonesia. The merchant can easily connect the different payment options to their site to increase their sales turnover.
E-wallets are one of the most popular digital payment methods in Indonesia. According to research by the Bank of Indonesia, the volume of e-wallets increased by 62% from 2020 to 2021. You can say that Indonesia has the highest digital wallets adoptions rates along with India and china. Soon, it will continue growing.
Some of you also called E-wallets a digital wallets. Smartphone with high internet connectivity is enough to make payments via E-wallets.
One can use e-wallets to make payments online. Most online business provides e-wallets as payment options.
How to Integrate All The Above Payment Methods On Your Online Websites?
It is challenging for any merchant to integrate different payment modes one by one on their online websites. The best solution is to look for a payment gateway Indonesia that offers you various payment modes such as e-wallets, bank transfers, QR codes, card payments, etc.
Today, you can get many service providers in Indonesia. But always choose the one that is compatible with your business types and fulfils all your business needs. We recommend you select PayCly as your payment gateway Indonesia.
PayCly is one of the best payment solutions for all types of businesses. It offers various payment modes which attract customers towards it.
PayCly is an all-in-one solution. It means you can get the high-risk payment gateway, high-risk merchant account, and credit card processing in one place. With us, high-risk merchant account instant approval is possible but with all the proper documents. This payment gateway Indonesia provides many benefits and helps you to grow your business globally. Some of its benefits are -
- Provide high-technology security services.
- Compatible with both high-risk as well as low-risk enterprises.
- Provide varieties of payment modes.
- Allow merchant to accept multi-currency.
- Its services are available worldwide.
- Integration and setup are completely free.
Final Thoughts -
Luckily, you have a solution for your business to integrate many popular payment options at a reasonable price. This solution is PayCly. It improves your conversion rates and allows you to make payments hassle-free. The PayCly payment gateway Indonesia also supports international currency, so the merchant can hassle-free expand their business at the global level.
Contact the PayCly expert team to learn about payment gateway Indonesia.