With a total estimated transaction value of $10 billion, Indonesia’s electronic payment sector overtook Thailand in 2019 to become the largest market in South East Asia according to the latest South East Asia Money Market Report from S&P Global Marketing Intelligence. With around 66% of the country’s population being unbanked, Indonesia has been a fertile opportunity for e-wallet providers and with the growth of e-commerce, either establishing their own e-payment platforms or linking with other providers of e-wallets has been an important part in the strategy for most digitally-based businesses. The growth in the eCommerce market, and by extension e-payment volumes, has only been accelerated by the pandemic as more people switch to online businesses for a myriad of daily needs. Non-banks have overtaken banks as the source of primary e-payments and the transaction value of e-money from digital wallets or stored value cards has overtaken those e-payments done by bank transfers and debit and credit cards, according to the above report.
Indonesia has over 45 licensed e-wallet platforms, with domestic players dominating. PT. Espay Debit Indonesia Koe, or DANA, is one of them. DANA, the country's third-largest e-money platform, after GoPay and OVO, has successfully attracted 80 million users to date, with 70% of them concentrated in Java.
According to Vincent Iswara (Vince), CEO and co-founder of DANA, the company relies on technical advantages and has earned the trust of users in terms of functionality and user experience. From the start, he intended for DANA to be a self-contained digital wallet capable of connecting to a variety of payment methods outside of its platform. DANA holds four licenses from Bank Indonesia, including an electronic money license, an electronic wallet license, a Digital Financial Service license, and a money transfer license.
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