Fintech Adoption: Mobile, Digital, and Contactless Payments Increasingly Being Used in Indonesia Due to COVID-19

Source: Crowdfund Insider

Certain segments of the fintech industry, including digital, mobile, and contactless payments,  have seen increased adoption in recent months, since the pandemic began.

Banks and other financial services providers in Southeast Asia have experienced a dramatic surge in the usage of their digital platforms, which includes a considerable increase in the number of consumers wanting to open digital banking accounts.

As reported by the Jakarta Post, Indonesia’s state-managed and owned Bank Rakyat Indonesia saw a 10 percent month-on-month increase in the usage of its mobile banking services. Fintech lending in the country has also seen a rise in demand as businesses across the trillion-dollar economy have been laying off staff members or asking them to go on unpaid leave.