The rapid rise of pay-later and electronic money (e-money) services has had an unlikely fallout on Indonesia’s credit card industry, which has remained almost stagnant in the past few years.
According to Bank Indonesia (BI) data, the number of active credit card users in the country has remained nearly unchanged at 16-17.5 million between 2014 and 2022. At the same time, the volume of transactions has oscillated in the range of 250-350 million, with the highest in 2019 and the lowest in 2014.