Indonesia is a country in Southeast Asia with a population of 275 million, and a rapidly growing economy with a current GDP of USD 1.4 trillion. The country has a young and tech-savvy population, and a vibrant tech economy across e-commerce, fintech, online gaming amongst others. Indonesia also has a global crypto adoption index rank of #20 as per Chainalysis 2022 index.
The penetration of credit cards in the country is low with only 16.5 million cards in circulation, a number that has decreased by 3% since the Covid crisis. While debit cards are more in number, they are primarily used for cash withdrawal or utility purchases. Either of these is unsuited for digital assets onramp and offramp in the country
By contrast, alternate payment methods are much more popular in Indonesia with Ovo, Dana, GoPay and Shopee pay widely prevalent across the local population. Ovo with nearly 100mn users is the most popular fiat wallet in the country, followed by Gopay and Dana with 38 million and 30 million users respectively. In addition, Doku VA is also very popular because of the convenience of paying through virtual accounts.
TransFi is focused on fiat-to-crypto onramp and offramp in emerging markets, in particular Asia, with the widest suite of local payment methods in local currencies, 80%+ conversion rates, and with low fees. An integration with TransFi enables exchanges, wallets and DeFi protocols to offer their users the ability to buy and sell crypto with all the popular payment methods in Indonesia including Ovo, Dana, Shopee pay and local banks such as Mandiri & BCA.
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