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Home Banking Financial Services and Insurance Future of Indonesia International Remittance Market: Ken Research

Future of Indonesia International Remittance Market: Ken Research

Indonesia International Remittance market is expected to show an increasing trend in the remittance market in the forecasted period. Oversea deployment of Indonesian work will boost the international market. As more and more, skilled laborers and C&B level employees will look for jobs overseas. In 2018, an increased global remittance trend was observed, mainly due to the growth in European countries, the Russian Federation, and the United States. The rebound in remittances, when valued in U.S. dollars were helped by higher oil prices and a strengthening of the euro and ruble. These factors have influenced the remittances to low and middle-income countries the most, one among which is Indonesia. It is expected that during the review period 2018-2020, the market size shall be augmented by these factors. The international remittance market is forecasted to grow from USD ~ million in 2018 to ~ in 2023 growing at a CAGR of ~% in the forecasted period of 2018-2023.

How Does Bill Payments Market Operate in Indonesia?

Indonesia’s payments ecosystem is developing with world-class technology entering the market recently. Hence, consumers and businesses still rely substantially on cash and cheques, due to entrenched behaviors and inefficient support processes and lower cost of using such modes. With a young growing population of over ~ million people and around ~ million people entering the consumer class each year, Indonesia has seen significant attention from global and local technology companies, which in the last two or so years revolutionized the retail and transportation sectors. The primary instruments for business payments are cash as Businesses take advantage of the ease-of-use, ubiquity, and universal acceptance of cash all over the country. The speed and transparency of cash transfers in Indonesia on a daily basis have bolstered the use of cash and cheque by businesses.  On the basis of the volume of transactions, there has been a positive increase, from USD ~ million in 2013 to USD ~ million in 2018, with a CAGR of ~%. Analogously, the increase in Volume of Card and e-money payments also witnessed a CAGR of ~%, increasing from USD ~ thousands in 2013 to USD ~ thousands in 2018. The volume of credit transfers experienced a CAGR of ~% over the review period, increasing from USD ~ million in 2013 to USD ~ million in 2018.

How Indonesia Mobile P2P Remittance Does Works?

Peer-to-Peer (P2P) Transfer Services facilitate the direct transfer of funds between individuals, generally from their credit cards or bank accounts via the internet and/or mobile phones as the primary mediums for such services. many recent models (such as that adopted by Square) append on the existing network-rails and new transaction technologies offered by the major card providers (i.e. MasterCard, Visa) such as the Original Credit Transaction (OCH), which enables users of their platforms to perform near-instant transfers with their debit cards alone without necessarily attaching a bank account. P2P Money Transfers segment amounts: USD ~ Million with Average Transaction Size: USD ~ in 2018. P2P providers are able to offer a substantially lower-fee for transferring funds, as many of the platforms does not need to establish their own financial infrastructures and pursue more cost-effective means of conducting money transfer (as is the case with TransferWise).

Key Segments Covered: –

International Remittance Market

By Flow Type



By Channel



By Major Flow Corridors


Asia Excluding ASEAN

Middle East



Australia & Oceania


By Income Level

Lower Level Income Group

Middle-Level Income Group

High-Level Income Group

Domestic Remittance Market

By Remittance Channels



By Major Flow Corridors

Urban to Rural Areas

Rural to Rural Areas

Urban to Urban Areas

By Income Level

Lower Level Income Group

Middle-Level Income Group

High-Level Income Group

Snapshot Bill Payment Market

By Type of Bills with Type of Families Spending

Very Conservative Family (Water, Electricity, Healthcare, Others)

Mediocre Family (Water, Electricity, Healthcare, Digital Products, Others)

Key Target Audience: –

Money Transfer Operators



Bill Payment Companies


Mobile Money Companies

Central Bank

Investors and PE Firms

Convenience Stores

Time Period Captured in the Report: –

Historical Period – 2013-2018

Forecast Period – 2018-2023

Companies Covered: –

Major Bank and Non- Bank Channels in Indonesia: –

Bank Mandiri

Bank Central Asia

Bank CIMB Niaga

Western Union


Top Remit

OVO m-wallet


Western Union

Key Topics Covered in the Report: –

Indonesia Domestic Remittance Market Size (2013-2018)

Indonesia Bill Payments Market Snapshot (2013-2018)

Indonesia International Remittance Market Size (2013-2018)

Indonesia Remittance Market Overview

Indonesia Remittance Market Ecosystem

Indonesia Remittance and Bill payments Market Segmentation (2013-2018)

Trend and developments in Indonesia Remittance and Bill Payments Market

Competitive Landscape of Major Players in Indonesia Remittance Market including Market Shares and Strength & Weakness of the major Remittance players in Domestic and International Market

Future Outlook and Projections of Indonesia Domestic Remittance Market (2018-2023E)

Future Outlook and Projections of Indonesia International Remittance Markets (2018-2023E)

Analyst Recommendations

For More Information, Click on the Below Mentioned Link: –

Indonesia Domestic and International Remittance Market

Related Reports by Ken Research: –

Singapore International Remittance Market Outlook to 2023 – By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Inflow & Outflow Remittance Corridors

Philippines Remittance and Payments Market Outlook to 2024 – Growth Backed by Sustained Internal Migration, Rise in Overseas Filipino Workers and Surge in BPO Sector

Europe International Remittance Market Outlook to 2023 – By Inbound & Outbound Remittance, By Channels (Banks, MTOs, M-wallets and Others), By Inflow & Outflow Remittance Corridors, By Point of Contact (Branch Pick-up, Mobile Payment & Online Transactions, Prepaid Cards

Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications


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