The Indonesian The Indonesian government recently declared that all toll-road

transactions throughout Indonesia be fully electronic. This marks a landmark

moment for e-money in Indonesia, but admittedly the transition has not been
fully smooth. In the past few weeks several app-based electronic money
providers had their operations frozen by Bank Indonesia due to e-money licensing
issues. The affected businesses are currently in heavy negotiation with the central
bank.

So how is consumer attitude towards electronic money today, in Indonesia?

DailySocial.id has conducted an electronic survey in cooperation with JakPat
Mobile Survey Platform, asking 1059 respondents 12 questions, sampled
proportionally from among Indonesian smartphone users throughout Indonesia.
 Total respondents: 1055 persons

Gender
Age
Q1: Which of the following electronic money cards do you own?

The most popula r brand of ca rd-based e-

money among our respondents is Mandiri e-
Money (33.14%). Second is BCA Flazz
(26.25%).

Only 28.61% of respondents report neve r

having any form of electronic ca rd. Which
means most re sponde nts own an e-money
card, even though not one b rand really
dominate/have a monopoly on the market.
 Q2: Do you use any of the following server-based electronic money services?

T-Cash from Telkomsel

E-Cash or E-Money from Mandiri

33.05% 35.03% BCA Sakuku
17.09% 24.55% CIMB Niaga "Rekening Ponsel"

Indosat Dompetku/Paypro

XL Tunai

12.18% 9.82% 12.56% Other server-based electronic money

12.75%
I do not use any server-based
electronic money service

Simila rly w ith ca rd-based e-money, only 33.05% of respondents report not ow ning any form of server-based e-money ,
and no single brand dominate server-based e-money either.
 Q3: Do you have any money deposited in the following mobile apps-based e-money services?

Go-Pay from Go-Jek

GrabPay from Grab

3.40%
26.82%
44.95% TokoCash from Tokopedia
17.66%
17.75% 20.68% Bukadompet from BukaLapak

16.62% 30.88% Shopeepay from Shopee

KasPay from Kaskus

Other mobile apps-based electronic

money
I do not have any mobile apps-based
electronic money

Go-Pay is the la rges t host of app-based e-money at 44.95%. Only 26.82% do not ow n any mobile app-based electronic
money.
 Q4: How long have you been using electronic money?

8.77% Less than a year

The la rgest p roportion of respondents
(56.80%) report having ow ned some form
of e-money for less t han a year. Only Between one to
8.77% of respondents reporting having three years
ow ned/used e-money for more than three 34.43%
years. 56.80% More than three
years
It can be concluded that mos t survey
respondents are new users of e-money.

912 respondents
 Q5: What do you use electronic money for?

For other transactions 41.23%

To buy gas for car/motorcycle 8.77%
To pay entrace ticket to amusement park 15.13%
Paying parking at mall/public parking spot 15.24%
It is interes ting to note that the large st percentage
of respondents (53.07%) use e-money to shop at
minimarket/supe rmarket , w hereas paying for toll-
road is third at 36.73%. The second largest
percentage (41.23%) is for other transactions.

To eat at a restaurant 18.31% It can be concluded that e-money is being used for a
wide range of transactions.
Riding electric train/Commuter-Line 27.19%

Riding a TransJakarta bus 29.17%

912 respondents
Paying entrace to toll road 36.73%

Top shop at a minimarket/supermarket 53.07%

 Q6: How much per month in total do you spend in the form of
electronic money? (Whether card-based or server based/other)

Most of our respondents (73.79%) spend Less than Rp 100.000

less t han Rp 250.000 pe r mont h in the form
7.35% 3.40%
of e-Money . With 34.10% spending less than
Rp100.000 per month. Between Rp 100.000 -
E-money is mos tly being used for small 15.46% 34.10% Rp 249.999
cash transactions, it w ould seem.
Between Rp 250.000 -
Rp 499.999
39.69%
Between Rp 500.000 -
Rp 999.999

912 respondents More than Rp 1.000.000

Q7: Do you feel that you now spend more, or spend less, after
you have started using electronic money?

60.00% 56.03%

50.00% Most respondents (56.03%) report that their

rate of spending has not changed due to
40.00% e-money.

30.00%
21.05%
17.32%
20.00%
912 respondents
10.00% 5.59%

0.00%
Spend more Spend less No change Not
sure/don't
know
Q8: Do you think electronic money has made it easier, or
harder, for you to control your expenses?

Most respondents (42.43%) also feel that e-

money has he lped the m control t hei r
42.43% 41.78% spending more easily. Only 11.84% report
45.00%
40.00% that e-money has made it harder for them to
control their spending.
35.00%
30.00% It can be concluded that most respondents
25.00% respond positively to using e-mone y fo r
money manage me nt, and that e-money has
20.00%
made it easier for mos t consumers to control
15.00% 11.84%
their personal spending.
10.00%
3.95%
5.00%
0.00% 912 respondents
Easier to Harder to No change Don't
control control know/not
sure
 Q9: Did you know that recently there have been several e-money
services whose operation had been frozen by Bank Indonesia —
among them PayTren, TokoCash, BukaDompet, Shopeepay,
GrabPay — due to issues with e-money operational licensing?

Respondents are aware that e-money licens ing

from the Indonesian central bank is a significant 42.30%
issue, and 57.70% of respondents are aware that Yes, I did
some e-money serv ices have been having 57.70%
licensing issues. No, I didn't

1056 respondents
 Q10: In the last two years, around 100 companies/businesses have
applied for an e-money license to the Indonesian central bank, but
less than 18 companies have been granted a license. In your
opinion, has the number of e-money licenses given by Bank
As for the number of e-money licenses handed out
Indonesia too much, or too little?
by Bank Indonesia, only 17.66% of respondents
think that there have been too many e-money
licenses given out. Meaning that a majority of Too much
17.66%
respondents a re of the opinion either that there are 30.78%
enough e-money licensees right now , or that they
Too little
are unsure, or that the Indones ian market need
more e-money licensees.
30.22% Just enough
Though of cours e BI has many considera tions, the
centra l bank w ould do w ell to notice that 21.34% Not sure/can't
consumers are not very res istant to the idea of really say
having more e-money providers in Indonesia.

1056 respondents
 Q11: Do you think electronic money today is safer to use for transactions
than cash, or not?

Electronic money
is safer than cash

10.29%
Electronic money
41.17% is more risky than
A tota l of 70.07% of respondents are of the 28.90% cash
opinion that transactions us ing e-money is
either as safe, or even safer, than cash The same
transactions.
19.64%
Don't really
understand/can't
say

1056 respondents
Q12: Do you agree that e-money is the best replacement for cash money?

Strongly agree

4.72%
8.59% Somewhat agree
28.42% And simila rly 65.06% of respondents agree
that e-money is , or can be, a good
21.62% Don't really agree replacement for cash.

It w ould be safe to conclude that e-money is

Disagree very becoming accepted as a safe transaction
36.64% much currency among Indonesian consumers.

Don't
understand/not
sure

1056 respondents
E-money usage, both card-based and server-based, have really picked up in Indonesia
during the past year. This increased usage has been driven by both card-based e-
money and app-based e-money.

E-money usage in Indonesia is not limited to Jakarta. Consumers at other provinces

also use e-money for example to pay for transport via Go-Jek/Go-Ride.

E-money usage will foreseeably increase going forward, and resistance have grown
smaller & smaller. If all stakeholders are careful to avoid pitfalls in developing the
ecosystem, e-money will continue to grow more important for the foreseeable future.
HERE