Crowded Indonesian Market: 51 Licensed E-Money Providers

Crowded Indonesian Market: 51 Licensed E-Money Providers

by October 5, 2020

Bank Indonesia, the country’s central bank, has issued two new e-money licenses so far this year. These two new additions bring the total number of licensed e-money providers to 51, comprising 14 banks, and 37 non-bank providers, according to data from the central bank.

Visi Jaya Indonesia and Bank Jabar dan Banten are the latest players to join the space with their respective services Eidupay and DigiCash. Eidupay is a so-called “smart electronic money application” that allows users to transfer funds and make payments locally. Similarly, DigiCash is an e-money service that operates through a mobile app.

These are entering a highly competitive space dominated by a handful of players. Based on the number of monthly active users, the top four e-wallet platforms currently are GoPay, operated by tech decacorn GoJek, OVO, DANA and LinkAja.

LinkAja, a centralized QR code payment platform, was launched last year through the merge of e-money offerings from banks and telcos.



LinkAja’s payment system is managed by Fintek Karya Nusantara (Finarya), which integrates digital payments services provided by the state-owned banks — Bank Mandiri’s e-cash, Bank Rakyat Indonesia’s T-bank and My QR, Bank Negara Indonesia’s Yap! and UnikQu — as well as Telekomunikasi Selular (Telkomsel)’s T-Cash, and state-owned energy corporation’s MyPertamina.

But according to a new study by consulting firm MarkPlus, ShopeePay, the official in-app digital wallet of e-commerce platform Shopee, has been rapidly rising in popularity on the back of the COVID-19 pandemic, social distancing measures, and booming e-commerce activities.

The study, which asked 502 smartphone users, found that ShopeePay has been outperforming competing platforms including GoPay, OVO, DANA and LinkAja, over the past three months, capturing 26% of Indonesia’s e-wallet market.

Over the past five years, Indonesia’s e-wallet platforms have grown significantly, but the COVID-19 pandemic has accelerated adoption.

In January 2020, e-money transactions in Indonesia’s retail market skyrocketed by 173% from a year earlier. Transaction volume reached Rp 15.8 trillion (US$1.1 billion), close to tripling last year’s Rp 5.8 trillion.

Full list of licensed e-money providers in Indonesia and their registered products

14 banks licensed for e-money

  1. Bank Central Asia (Sakuku/Flazz)
  2. CIMB Niaga (Rekening Ponsel)
  3. Bank DKI (Jakarta One/JakCard)
  4. Bank Mandiri (Mandiri e-Money/Mandiri e-Cash)
  5. Bank Mega (Mega Cash/Mega Virtual)
  6. Bank Negara Indonesia (UnikQu/TapCash)
  7. Nobu Bank (Nobu E-Money)
  8. Permata Bank (BBM Money)
  9. Bank Rakyat Indonesia (Brizzi/T-bank)
  10. Bank QNB Indonesia (DooEt)
  11. Bank Sinarmas (Simas E-money)
  12. Bank BNI Syariah (HasanahKu)
  13. OCBC NISP (ONe Wallet)
  14. Bank Jabar dan Banten (DigiCash)

37 non-bank providers licensed for e-money

  1. Artajasa Pembayaran Elektronis (MYNT E-Money)
  2. Finnet Indonesia (Finpay)
  3. Indosat (IMkas/PayPro/Dompetku)
  4. Nusa Satu Inti Artha (DokuPay)
  5. Skye Sab Indonesia (Skye Mobile Money/SkyeCard)
  6. Telekomunikasi Indonesia (Flexi Cash/ iVas Card)
  7. Telekomunikasi Selular (T-Cash/Tap Izy)
  8. XL Axiata (XL Tunai/XL Cash)
  9. Smartfren Telecom (Uangku)
  10. Dompet Anak Bangsa (GoPay)
  11. Witami Tunai Mandiri (TrueMoney)
  12. Espay Debit Indonesia Koe (DANA/Unik)
  13. BPD Sumsel Babel (BSB Cash)
  14. Buana Media Teknologi (GudangVoucher)
  15. Bimasakti Multi Sinergi (SpeedCash)
  16. Visionet Internasional (OVO Cash)
  17. Inti Dunia Sukses (iSaku)
  18. Veritra Sentosa Internasional (Paytren)
  19. Solusi Pasti Indonesia (KASPRO/PayU)
  20. Bluepay Digital Internasional (Penerbit/Bluepay)
  21. Ezeelink Indonesia (Ezeelink)
  22. E2Pay Global Utama (M-Pay/M-Bayar)
  23. Cakra Ultima Sejahtera (Duwit)
  24. Airpay International Indonesia (ShopeePay)
  25. Transaksi Artha Gemilang (OttoCash)
  26. Fintek Karya Nusantara (LinkAja)
  27. Max Interactives Tecnologies (Zipay)
  28. Sarana Pactindo (PACCash)
  29. Datacell Infomedia (Paydia)
  30. Netzme Kreasi Indonesia (Netzme)
  31. MNC Teknologi Nusantara (Spinpay)
  32. Kereta Commuter Indonesia (KMT)
  33. Mass Rapid Transit (MTT)
  34. Paprika Multi Media (Paprika)
  35. Astra Digital Arta (AstraPay)
  36. Rpay Finansial Digital Indonesia (Yourpay)
  37. Visi Jaya Indonesia (Eidupay)


Featured image: Unsplash