Indonesia is predicted to become the largest player in the e-wallet and pay-later industry in Southeast Asia by 2025. This requires retailers to adapt in order to maintain competitiveness. According to a report, it is predicted that there will be an additional quarter of a billion new e-wallet users in Southeast Asia by 2025.
This report states, from this number, additional users in Indonesia in 2025 will reach 130 million new users. In terms of growth, Buy Now Pay Later (BNPL) is no less popular. Indonesia could become the largest market for BNPL in Southeast Asia by 2025, with total public spending using BNPL in e-commerce set to increase 8.7 times compared to 2020.
The evolution of digital payment methods must be quickly pursued by retail players in order to accelerate their business reach. The presence of new options such as e-wallet and BNPL provides access to people who have not previously been touched by conventional financial services.
The development of e-wallets in Indonesia is fairly rapid, especially since the COVID-19 pandemic has made people do everything at home by utilising technology. Digital wallets in Indonesian society are increasingly in demand. Transactions with this online payment tool are increasing every day. Its easy use and various services are factors that encourage this digital wallet to be increasingly used by the Indonesian people.
Here are some of the benefits that you can get by using an e-wallet:
· Practical and Efficient
Digital wallets in everyday life are very practical to use and more efficient. E-wallet users no longer need to be confused about finding an ATM machine to take cash when making payments. Any financial transaction is enough to use a smartphone with one digital wallet application. E-wallet users can more easily make purchases of goods to make bill payments.
If you usually have to queue up to buy something and come to the store directly, through a digital wallet, you just need to find the store for the items you need and buy them online. Wait for the goods to be sent home and the transaction is complete. Likewise with bill payments such as electricity or BPJS. No need to queue anymore, just open the digital wallet application and make any bill payments there.
· Many Promos and Discounts
When making transactions using digital wallets, there are lots of promos and discounts offered by merchants who work with the related e-wallet. This will be very beneficial for e-wallet users. Promos or discounts can be taken and used to meet daily needs so that they can save even more. Usually, there are cashback, gifts, and other attractive promos offered by merchants to e-wallet users.
· Safe
Even though it is done online, the security of user data and transactions that have been carried out will be maintained. Users do not need to worry about fraud or data theft because digital wallets here have been directly supervised by OJK and BI and have their own security. In addition, digital wallets are also safer because they will not be easily lost or dropped.
· There is History or Usage History
Using a digital wallet can also help in financial statements even if it is for personal use. Every transaction will be recorded clearly and in detail in the transaction history. This data can be used as information in making personal financial reports. Even the smallest expenses can be seen so that monthly expenses can be controlled.
The benefits are quite a lot and all of them have an important role in everyday life, making the development of digital wallet applications grow rapidly. The use of an e-wallet will certainly be smoother if the balance in it is always filled.
The HKSAR Government has set out a clear direction and goals for the future development of innovation and technology (I&T) in Hong Kong, leading Hong Kong to become an international I&T centre. The Applied Science and Technology Research Institute (ASTRI) is working to maintain a close connection with the academic community and collaborate to consolidate the upstream competitiveness, vitalise the enthusiasm and initiative of transferring R&D results of the University to applied scenarios, and accelerate the process of implementation and industrialization.
The extended cooperation covers the areas of smart traditional Chinese medicine (TCM) service systems, pharmaceutical R&D, Artech, and Fintech, as well as interdisciplinary research and its application, to promote technology innovation and transfer. ASTRI, HKBU and its affiliated institutions will co-develop several cooperation models for R&D, including cutting-edge technologies including AI and big data analysis, as well as intellectual property management and commercialisation.
The MoU was witnessed by the Chairman of ASTRI Board of Directors, and the President and Vice-Chancellor of HKBU; it was signed by the ASTRI’s Chief Executive Officer and the Interim Chief Innovation Officer of HKBU on behalf of both parties on the campus of HKBU.
Under the agreement, the two will enhance collaborative research and promote the transfer and commercialization of technology results. In addition, they will set out their respective intellectual property rights and ownership of R&D results to promote the commercialisation of collaborative R&D or projects implemented by both parties or affiliated institutions of HKBU. In addition, the partnership aims to reduce the R&D time, improve the utilization of resources and accelerate the application of R&D results.
The Chairman of ASTRI’s Board of Directors noted that approximately 100 R&D projects are conducted every year in ASTRI aimed, ultimately, commercialisation. ASTRI proactively collaborates with HKBU to build an R&D commercialisation platform, promote cooperation in an all-around way, and enhance synergy in talents, resources, R&D, etc. Leveraging perspective advantages, the two can create unique R&D conditions in key areas such as pharmaceutical R&D, AI and Fintech, to seize the new opportunities in the I&T era.
