SEA E-Conomy Report: Digital Participation Expansion Needs For Digital Economic Growth

Illustration of QRIS digital payment (photo: Bank Indonesia)

JAKARTA - A recent e-Conomy SEA report compiled by Google, Temasek, and Bain & Company estimates that Indonesia will become the largest digital payment market in Southeast Asia, with a projected Gross Transaction Value (GTV) of US$760 billion by 2030.

This report shows that digital payments in Indonesia have experienced a stable growth of 10 percent per year in 2023.

On the other hand, digital loans are also believed to continue to grow with a value of 15 billion US dollars (Rp234.6 trillion) in 2025, more than double the projected value in 2023, namely 6 billion US dollars (Rp93.84 trillion).

"It is extraordinary that Southeast Asia's digital economy continues to record double-digit growth. This shows that Southeast Asia's digital economy is indeed resilient," said Aadarsh Baijal, Partner and Head of Vector in Southeast Asia, Bain & Company in an official broadcast quoted Wednesday, November 8.

"In addition to the growing digital payment market, we believe that the existing offline-to-online behavior will further boost the digital financial services sector and encourage significant growth in the loan and wealth sectors," said Aadarsh Baijal, Partner and Head of Vector in Southeast Asia, Bain & Company.

According to him, expansion of digital participation is needed to trigger further growth, including the adoption of QRIS as well as increasing the use of bank transfers and credit cards, which make digital payments easier.