How Digital Payments Are Changing Shopping In Indonesia
The Financial Inclusion Puzzle: Unbanked and Underbanked
The promise of digital payments in Indonesia is marred by the persistent issue of financial inclusion. Despite advanced platforms, nearly 66% of Indonesians remain unbanked or underbanked. Efforts to bridge this gap aren’t just technological, but fundamentally social and educational.
With mobile penetration high but financial literacy low, fintechs face a mammoth task. Companies like OVO are hosting community workshops, demystifying digital banking with real-life demonstrations. The quest to include every Indonesian is as much about trust as it is about tech. But what about a solution you might not expect?
Telecommunication companies are becoming unlikely partners. They extend microloans through data credits, reaching corners of society that banks can’t. Empowering people to engage in e-commerce isn’t just a financial opportunity; it’s a statement for equality and inclusion. Will this unorthodox partnership close the financial gap?
There’s a global scrutiny magnifying financially excluding practices. International bodies encourage developing economies like Indonesia to adopt inclusive policies as a framework for economic prosperity. The local and global intersection provides a fertile ground for stunning economic growth if fully capitalized. But there’s more to this ever-complex issue.