• Follow Us On : 

UnPAY, Tencent Research Institute Released Whitepaper on Indonesia’s Payment Market


Redaksi | Kamis,31 Januari 2019 - 07:20:25 WIB
Dibaca: 226 kali 
UnPAY, Tencent Research Institute Released Whitepaper on Indonesia’s Payment Market

JAKARTA - Media OutReach - 31 January 2019 - UnPAY and Tencent Research Institute have jointly published a whitepaper on Indonesia's payment market. This whitepaper focuses on hotspots and key issues of the payment system in Indonesia and is the second of its "Venturing Out" series. It aims to help Chinese payment companies expanding overseas gain a deeper understanding of the world's fourth most populous country. The first whitepaper which was published in October last year, honed in on Singapore's payment infrastructure.

Even as a developing country, Indonesia is already the largest economy in ASEAN with a Gross Domestic Product (GDP) of USD1.016 trillion in 2017. Its GDP growth rate is expected to reach 5.3% in 2020. Cash is still highly utilised while traditional bank account penetration rate is at a low rate of 34%. With a huge untapped market, it is no surprise that Indonesia remains as a highly attractive market in the digital payment and finance sector.

To operate in Indonesia, payment companies must have a comprehensive license access system, a regulation required by the Central Bank, Bank Indonesia, and Otoritas Jasa Keuangan (OJK), the two financial and payment transaction services authorities. Payment services are categorised into front-end and back-end. The front-end body includes institutions that have direct contact with customers such as acquirers, payment gateway operators and electronic wallets. Conversely, back-end entities do not have direct contact with customers and these include card organisations, clearing houses and final settlement agencies. Applicants can only choose to operate in one category but they can apply  for multiple licenses in one category.

There are three main pillars of Indonesia's payment infrastructure: card payment, peer to peer (PTP) and electronic money. Card payment facilities are limited to credit card, ATM card and debit card. PTP regulations oversee the purview of transfer/ payment gateway services and e-wallet service providers. It is worth noting that payment service providers (PSPs) are prohibited from using virtual currencies for PTP payments.

Under the  electronic money quota management, unregistered users can store a maximum of 2 million rupiah while a registered user can have a wallet limit of 10 million rupiah. Electronic trading limit is 20 million rupiah per month. As of 21 December 2018, a total of 34 institutions in Indonesia had obtained e-money business licenses. Bigger players in the market include GoPay, T Cash, PayPro and OVO.

To ensure a more cohesive and consistent payment structure, the Central Bank, Bank Indonesia has established a National Payment Gateway (GPN) to integrate the fragmented payment solutions. The GPN is a unified and interconnected clearing network that will unite all payment channels in Indonesia, including ATMs, POS, payment gateways and e-payment methods like credit and debit cards. In the pipeline, the Central Bank, Bank Indonesia will be developing a universal QR code payment standard for an interoperability and secure payments infrastructure.


Akses Wahanariau.com Via Mobile m.Wahanariau.com
Untuk Berbagi Berita / Informasi / Peristiwa
Silahkan SMS ke nomor HP : 085271472010
atau email ke alamat : [email protected]
Harap camtumkan detail data diri Anda
Pengutipan Berita dan Foto, Cantumkan Wahanariau.com Sebagai Sumber Tanpa Penyingkatan
TULIS KOMENTAR
BERITA TERKAIT
Rabu,25 April 2018 - 14:07:05 WIB

Revolutionary Digital Payment Platform, UNPAY, Marks Foray Into Singapore

UNPay aims to connect all mainstream payment services within three years globally SINGAPORE - 

Kamis,25 Oktober 2018 - 04:27:22 WIB

UNPay, Tencent Research Institute Published White Paper on Overseas Payment Markets, Starting with Singapore

SINGAPORE - Media OutReach - 24 October 2018 - UNPay and Tencent Research Institute h

BERITA LAINNYA
Rabu,20 Februari 2019 - 02:15:54 WIB

D-EDGE Hospitality Solutions: The Marriage of Technology & Marketing

Born from the union of Availpro and Fastbooking, D-EDGE proposes a unique suite of technology soluti

Selasa,19 Februari 2019 - 23:43:40 WIB

Bawaslu Dumai Imbau Caleg Pindahkan APK

DUMAI - Bawaslu Kota Dumai mengimbau kepada seluruh partai politik dan calon legislatif (Caleg) agar

Kamis,07 Februari 2019 - 14:03:48 WIB

Bupati Inhil Resmikan Parit Basirah Jadi Kampung Nelayan

Bupati Inhil Resmikan Parit Basirah Jadi Kampung Nelayan

BERGABUNG DI SINI
KABAR POPULER
IKUTI BERITA KAMI